Posts by Life or Debt
Way to Save #63: Don't Buy Specialty Insurance
Sep 20, 2009 - Don’t buy specialty insurance, like cancer coverage. Put your money into a good general health insurance policy instead.
Way to Save #62: Minimal Travel Insurance
Sep 19, 2009 - If you’re going to buy travel insurance, make sure you only get coverages you need, like trip cancellation coverage. Policies insuring your luggage are normally so riddled with exceptions that they’re virtually useless.
Way to Save #61: Get Rid Of PMI
Sep 18, 2009 - Private Mortgage Insurance (PMI) is normally required if you have less than 20% equity in your home. And it can easily cost $50 a month! As soon as you’re sure you’ve got the magic 20%, whether it’s by appreciation or paying off mortgage principal, call your lender and tell them you want out of PMI. [...]
Way to Save #60: Keep Insurance Active
Sep 17, 2009 - If you’re changing policies, make sure your new one is in effect before you drop your old one. This applies to every kind of coverage: health, life, homeowners and automotive.
Way to Save #59: Get What's Coming To You
Sep 16, 2009 - Keep the following list of possible discounts available and ask for them all when you get car insurance quotes (many might be applicable to homeowners as well.) Accident-free, multiple cars, short mileage (usually less than 7,500 miles per year) good student, absent student (if your kid is away at school without their car, they might [...]
Way to Save #58: Flaunt Your Good Driving Record
Sep 15, 2009 - If you’ve had no accidents or tickets during the last three years, make sure your rates reflect that. Most insurance companies don’t automatically lower your premiums when old citations fall away. You have to call and make them reduce your bill.
Way to Save #57: Cancel Your Car Coverage
Sep 14, 2009 - This may seem like a strange idea, but if the cost of your annual comprehensive/collision coverage is more than 10% of the value of your car, you could consider dropping it. (Obviously you should never under any circumstances drive without liability!) For example, if you’re paying $500 in comp/collision premiums to cover a car that’s [...]
Way to Save #56: Shop Your Insurance Coverage
Sep 13, 2009 - Whatever type of insurance you have, you should shop it every six months. This is a competitive business, and getting more so all the time. So pull out those policies and make sure you’re getting the best deal!
Way to Save #54: Don't Buy Whole Life Insurance
Sep 11, 2009 - Whole life, or permanent life insurance, combines a life insurance policy with an investment account. Unless you’re rich and need a permanent policy to help pay estate taxes, it’s generally a better idea to buy cheaper term coverage and do your own investing separately.
Way to Save #53: Don't Buy Credit Life Insurance
Sep 10, 2009 - These are gimmick policies that are basically life insurance that’s tied to specific debts, like a credit card or mortgage. Regular term life insurance is a much less expensive alternative.
Way to Save #52: Raise Your Deductibles
Sep 09, 2009 - The easiest and fastest way to lower insurance bills is to raise deductibles. Going from a $250 to a $1,000 deductible can reduce your home or car coverage cost by 20%, and only takes about three minutes.
Way to Save #51: Consolidate Your Insurance
Sep 08, 2009 - Some insurance companies offer substantial discounts for insuring both your home and car. See if yours is one, consolidate both plans under the same company, and enjoy the savings.
Way to Save #50: Make Travel Less Taxing
Sep 07, 2009 - Keep a little notebook in your car so you can record the mileage you log on deductible trips. Trips to the doctor, job-hunting trips, trips for charity: all deductible, which means you could be on the road to lower taxes.
Way to Save #49: Keep Change In Your Car
Sep 06, 2009 - How many times have you not fed a parking meter because you couldn’t find any change? Keep some in your car at all times and avoid unnecessary tickets.
Way to Save #48: Don’t Buy Car Rental Insurance
Sep 05, 2009 - Car rental insurance policies (technically not actually insurance, but a fee you’re paying to offset any damage you cause) rank high among the western world’s great rip-offs. Your regular car insurance or possibly even your gold credit card will often render it unnecessary. If you need it, you may have to buy it – but [...]
