Balancing your budget and managing the payment of your monthly insurance bills can be a complicated matter. One individual may have many different types of insurance policies, and each would have a premium owed to the insurance company. You may have car insurance, motorcycle insurance, health care insurance, home owner’s insurance, life insurance, dental insurance, and those are just some of the more common products available. Insurance exists to protect you from the risk of loss, but it does not need to be a distraction or a headache. How can you go about simplifying your insurance bills? Here are some quick and easy tips:
Consolidate Your Insurance Carriers
You may simplify your monthly insurance bills by choosing to consolidate your insurance policies from many to just one insurance company. Suppose that you own a motorcycle insurance policy with Allstate, a homeowner’s insurance policy with State Farm, and an auto insurance policy with Farmer’s. Consider changing carriers to the insurance company able to offer you the best combined rates for all three policies. Your insurance agent or broker should be able to provide you with a combined quote.
Also, the single carrier may be able to provide you with a consolidated statement and billing, thus reducing your total paperwork. Finally, being with just one insurance company enables you to get to know your agent better, allowing you to benefit from her knowledge and expertise.
Ask About Discounts
Many insurance companies offer their customers lucrative multiple policy, good driver, claim-free, and good student discounts. Be sure to ask about potential discounts when obtaining insurance quotes. It is worth the time to speak with your agent, making them aware of the facts which might help you qualify for such insurance discounts. Do not miss out on big savings due to an oversight.
Set Up Automatic Billing
Arrange for your monthly insurance bills to pay automatically. Two common options for automatic payment are electronic funds transfer (EFT) and Billpay. Both are common benefits offered by checking accounts which allow customers to set up recurring payments in advance. Money would be automatically deducted from your bank account on the selected date and sent to the insurance company to pay your premiums. Some insurance companies also allow payment with a credit card. You may be able to arrange automatic payments to the credit card by filling out a form or make a manual payment over the phone.
If you are having a hard time keeping track of your monthly insurance bills, then consider utilizing one of the above tactics to simplify your finances. Insurance does not need to be complicated, and it is definitely something you cannot afford to do without.