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Finance in 55: Compare Insurance Policy Rates

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insuranceOne of the things that you will likely spend a great deal of money over time is insurance. Health insurance, car insurance, life insurance, home insurance and other types of insurance are all required to adequately protect your assets and your family. If you are shopping around for insurance for the first time, or just reviewing your current policy to make sure it is what you need, comparing rates can save you money.

The process of buying insurance can take more time, but you can get a good start on the process by comparing insurance rates. Here is how you can get a cost comparison in 55 seconds:

  1. Decide what coverage you want: The first thing you need to do is figure out what insurance coverage you want. How much car insurance will you need? Do you need comprehensive? Or is collision and liability enough? What coverage amounts do you want? With life insurance, you can get a quick thumbnail of how much coverage you need by multiplying your annual salary by 10. Before making your final decision, you’ll want to sit down and better work out your needs, but, for now, establish a ballpark figure for the types of coverage you want, and the coverage amounts you are likely to need. (16 seconds)
  2. Gather the information you need: Quickly get the information you will need to get an insurance quote. This usually includes ZIP code, Social Security number, name, and driver’s license number. You might also need to be prepared to answer questions about your accident history, how much you drive, and your general health. (10 seconds)
  3. Use an online aggregator to get general quotes: Using the information you have, head over to an insurance quote aggregrator. You can enter the information into the form, and then receive your quotes. Make sure that the web site you use will actually provide you with a list of possible quotes, rather than sending your information off to a bunch agents. This will give you an overview of what you can expect to pay, and help you identify the best deals. (29 seconds)

After you have this information, you will have a pretty good idea of what to expect. If you have more time, you can refine your needs, and you can also contact local insurance agents for help. In some cases, you might be able to get a better customized quote from a local insurance agent or broker. An insurance broker can actually help you find a variety of quotes from different companies. You can mention your online quotes, and see if you can get a similar deal offline.

Before you choose an insurance policy, make sure you shop around. Additionally, it can help to ask about discounts and special programs. Find out whether you can pay less if you purchase more than one policy with a company, or if there are discounts for healthy living, good driving, or student specials for good grades. With a little planning, you can end up with an affordable insurance policy that protects you adequately.

(Photo: alancleaver_2000)

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2 Responses to “Finance in 55: Compare Insurance Policy Rates”

  1. Shopping for and getting quotes periodically is one of the best and easiest ways to put a little more money in your pocket. Here is how I found out the hard way.

    I was with a major insurance company for over 15 years and they always told me that it was preferred insurance and most likely I wouldn’t find better rates. Dumb me, kept on believing them and did not try to find better rates.

    Unfortunately, my father passed away and I was having to deal with his and my mother’s insurance guy. They were a big company also. The agent was so helpful and gracious that I told him that after everything is over, I would like to talk to him about my car and home owners policy.

    I actually decided to get the quotes right then on the phone. As it turned out, that one conversation saved me a little over $900 per year just on my car insurance!

    If you haven’t done it lately, you owe it to yourself and your wallet to check out the rates of other companies.

  2. Strebkr says:

    I typically go right to the source to get the cheapest rates, but insurance is one area where I use a broker. They have access to great rates and they can buy from all different carriers. I would strongly consider at least checking with one when you are doing your own search. You might be surprised at what you find.


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