This page will give you tips to help you save as much money as you can on insurance.  If you already have insurance, you probably should call your insurance company first and ask them what additional discounts they will give you before you decide to switch companies.  To get the lowest rates, do your own insurance shopping and assure yourself of a soft landing in case of disaster.

Insurance quotes on the Internet are often the lowest you can find, because online insurers have better high-tech efficiencies and lower advertising costs.  State Farm Insurance is also popular because they provide good service at very reasonable rates.  You might also phone a national direct marketer of insurance (i.e. Progressive, Amica, Geico  and/or AMAA.)  They save you money by dealing directly with you, cutting out the middlemen and salesmen.

When buying any  type of insurance, always ask about all discounts that are available.  Here are some common discounts that can help you save money on many types of insurance policies:

• Raise the deductible to the highest level you can afford.
• Retiree discounts are often available.
• Discounts are often available for staying with one insurance company for a number of years.
• You can get discounts for getting different types of insurance policies from the same company.

It pays to check up on insurance rates every few years, because they go up and down because of changing demographics and evolving technology.  You should also check rates when your lifestyle changes (i.e. you move to a new neighborhood, or you get married, etc.)  Don't just consult an "independent agent," because you usually won't get the lowest rates that way (they might refer you to an insurance company because they are getting a commission that they're not telling you about.)

Most people basically need Life, Home, Auto and Health Insurance.  You may also want to get non-cancelable, guaranteed-renewable Disability Insurance: you're seven times more likely to become disabled before retiring, than to die prematurely.  An "Umbrella Policy" is a good idea for well-to-do people; it protects you against any unexpected disasters that other policies don't cover.  Don't waste your money on small "piecemeal" policies like air-travel insurance, rental car insurance, or mortgage insurance.

• Life Insurance: Almost all people should get term life insurance, rather than the more expensive and complicated whole life insurance.  You should specify that the beneficiary should own the policy: this will help you to avoid the estate tax if you should pass away.
  
  Normally, you should have coverage that is 5 to 7 times your annual income.  To figure your needs more exactly, calculate the value of the assets your family would have if you should pass away, then subtract that from how much you think your family would need.  That's how much life insurance you should have.  If you're very well off, you may not need life insurance at all; ask a certified financial planner about your options.
  
  
• Home and Rental Insurance:  Get enough insurance to cover the cost of replacing your home and personal property.  Even if you just rent, you'll probably want some renter's insurance (it's pretty cheap.)  Make sure you know exactly what is and isn't covered by your policy.  Example:  After a major hurricane recently hit North Carolina, many homeowners discovered that only a fraction of the damage was covered, because the insurance companies are so afraid that a major hurricane will wipe them out financially.  Document your possessions yearly; take a camera or camcorder and photograph everything.  If disaster strikes, take pictures of the damage as soon as possible.
  
  
• Auto Insurance:  Drivers are legally required to carry liability insurance.  You may also want to get comprehensive and collision coverage, especially if you're not a very safe driver, or you don't have extensive financial investments to cover a car loss.  If your car is more than 5 years old, you'll probably want only liability insurance.
  
  
• Health Insurance:  Most people are covered by their employer's health plan.  If you aren't covered, you can save money by buying health insurance with a high deductible.  Then live safe and healthy, so you don't have to worry about taking a big financial hit.

Make sure that the insurance company is financially healthy.  If the company folds, there's no governmental guarantee that you'll get any compensation.  Visit Insure.com's Insurance Company Ratings and make sure that you only deal with companies rated "A+" or "AAA".

	What To Do Now:   Time to complete:   10-30 minutes Money you'll spend:   $0 What you'll get:   Insurance recommendations to help you protect your future  Step-by-step instructions:  Visit 10Money.com's Auto Insurance page for more tips on buying auto insurance. See 10Money.com's Life Insurance tips. See 10Money.com's Home Insurance tips. See 10Money.com's Health Insurance tips. Further Reading: Visit Insure.com's Insurance Company Ratings (make sure that you only deal with companies rated "A+" or "AAA".) Personal Finance Magazines, 90-day risk-free trials available Insurance How-To Guides to help you decide your insurance needs are available at Amazon.com.

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One New Jersey study found that consumers who shop around for auto insurance can save an average of $481 every six months.  Fortunately insurance in most states isn't as high-priced as it is in New Jersey, but you still may be able to save hundreds of dollars per year.  Even so, most drivers don't shop around for auto insurance regularly.  You may think you have low insurance rates now, but wouldn't it be smart to take a few minutes to verify whether that is really the case? Here are some tips to maximize your auto insurance savings:

• Be sure to ask about all the discounts that you may qualify for (driving record, "A" student, safety features such as airbags, low mileage, older car, etc.)  If your mileage per year decreases or you move to a different neighborhood, you may be able to qualify for lower rates.  When you shop at Insweb, all you need to do is complete their online form and they will ask questions about all those money-savers!
  
  
• Take the highest deductible you can afford.  Reason why:  When you file a claim, the insurance company will probably raise your insurance rate.  A high deductible means you won't be filing small claims, so you can keep your insurance rates low!
  
  
• Don't  take unneeded coverage.  If your car is more than 5 years old, you should drop collision insurance and "comprehensive" insurance (at InsWeb, when you get to where they ask about it, you can select "No Coverage Wanted".)
  
  
• Do  make sure you have adequate liability insurance.  If you are financially well-off, consider an "umbrella policy" (about $150/year.)  Otherwise, a lawsuit could really clean out your pockets.
  
  
• If your family has 2 cars, insure them with the same company.  You'll often get a discount of around 20%.
  
  
• Obviously, avoid speeding tickets and other traffic infractions.  They can really raise your rates.

Here's how to get free insurance quotes and find the best auto insurance for your needs.  Have your current policy and vehicle registration on hand, so you can complete the form more quickly.  In order to get the full benefit from Insweb, you should complete their online form:  completing the form does not in any way obligate you to buy any insurance.  After completing the form, you will see a page listing auto insurance quotes.  I received six quotes when I tried it out, and sure enough one of them was less expensive than my current policy.  The form required me to input my phone number, but none of the insurance companies called me afterwards, and InsWeb promises not to share your personal data with other companies.

	Save Money On Insurance   Time to complete:   10 minutes Money you'll spend:   $0 What you'll get:   Auto insurance at a discount price Step-by-step instructions:  If you already have insurance, call your insurance company and get them to lower their rates.  Then continue with step 2, to see if you can get an even better policy. Visit a site that will give you multiple quotes from insurers, such as InsWeb Auto Insurance.  A new window will open.  Continue to follow the online instructions: you'll need to answer quite a lot of questions. Before you accept an offer from an insurance company, visit Insure.com's Insurance Company Ratings and make sure that it's rated "A+" or "AAA". Further Reading: Insure.com's Insurance Company Ratings Personal Finance Magazines, 90-day risk-free trials available Insurance How-To Guides to help you decide your insurance needs are available at Amazon.com.

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Life insurance is less expensive today, mainly because the rate of accidents has fallen over the past few years.  Life insurance is not very easily switched to another company, so if you already have a policy, you should call your current life insurance company to see if you can get a new, less expensive policy.  Here are some cost-cutting tips:

• Don't pay for a level of benefits that you don't need; if your investments will take care of most of your family's needs, you should reduce your life insurance coverage and premiums.
  
  
• Ask if you can pay for the policy annually, which gives you a 6%-20% discount over monthly payments.
  
  
• Ask about "insurance riders" and make sure you don't get any riders that you may not need (examples: "accidental death" coverage, "cost of living" adjustments, "disability waivers" and "credit life insurance." ) 
  
  
• If you're in a dual-career marriage, you can save about 20% by getting a single "first-to-die" policy, instead of two policies to cover each of you.

Here's how to get free insurance quotes and find the best life insurance for your needs:

	Save Money On Life Insurance   Time to complete:   10 minutes Money you'll spend:   $0 What you'll get:   Life insurance at a discount price Step-by-step instructions:  If you already have insurance, call your insurance company and get them to lower their rates. Visit a site that will give you multiple quotes from insurers, such as InsWeb Life Insurance.  A new window will open.  Follow the online instructions. Before you accept an offer from an insurance company, visit Insure.com's Insurance Company Ratings and make sure that it's rated "A+" or "AAA". Remember to look for disability insurance too (at the time of this writing, InsWeb doesn't offer disability insurance.) Further Reading: Insure.com's Insurance Company Ratings Personal Finance Magazines, 90-day risk-free trials available Insurance How-To Guides to help you decide your insurance needs are available at Amazon.com.

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Here's some cost-cutting possibilities to ask your insurance company about:

• Take a class in home safety.  Most insurance companies will give you a discount for taking classes.
  
  
• Build improvements, such as fire-retardant shingles and anti-hurricane safety measures.
  
  
• Keep in mind, insurance that gives you "replacement cost" value is more expensive than insurance that gives you "actual cost" value.  But by the same token, you'll receive more compensation for damages if your insurance gives "replacement cost" value.

Here's how to get free insurance quotes and find the best homeowner or renter's insurance for your needs:

	Save Money On Homeowners Or Renters Insurance   Time to complete:   10 minutes Money you'll spend:   $0 What you'll get:   Home insurance at a discount price Step-by-step instructions:  If you already have insurance, call your insurance company and get them to lower their rates. Visit any of the following pages on InsWeb that interest you: Condo Insurance, Homeowners Insurance, Renters Insurance, Before you accept an offer from an insurance company, visit Insure.com's Insurance Company Ratings and make sure that it's rated "A+" or "AAA". Further Reading: Insure.com's Insurance Company Ratings Personal Finance Magazines, 90-day risk-free trials available Insurance How-To Guides to help you decide your insurance needs are available at Amazon.com.

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Here are some tips for lowering your health insurance costs:

• Live a healthy lifestyle.  For example, a smoker who kicks the habit can save about $500 in health insurance discounts.  Ask your insurance company about other discounts they may be willing to give you.
  
  
• A Medical Savings Account (MSA) is available only to people who have high-deductible medical insurance.  You can use an MSA if you're self-employed (if not, your employer must be providing you with high-deductible medical insurance.)  Around $3,000 per year can be placed in your MSA, tax-deductible to the company, and tax-free to you (no income tax, not even a Social Security tax!)  If you can stay healthy until age 65, you can then take money out of your MSA penalty-free.  Before age 65, you can withdraw it tax-free for medical purposes.  You could withdraw the money for other purposes, but you'd have to pay income tax on the withdrawal, and pay a penalty of around 10% to the IRS.
  
  You can think of the MSA as a 100% tax-free retirement account for people who plan to stay healthy.  With an IRA, you'd have to take a tax hit at some point.
  
  
• Join An HMO:  It's less expensive than traditional fee-for-service health insurance.  U.S. News & World Report Magazine maintains HMO Rankings that can help you pick a good HMO in your area.
  
  
• Start your own business.  Medical insurance provided by corporations is tax-deductible.  For single proprietors, it's also now 100% tax-deductible.  If you didn't have either of these tax breaks, medical insurance and expenses would be only partly deductible (in excess of 7.5% of your Adjusted Gross Income.)

InsureKidsNow.gov shows how "many families who work hard to make ends meet can get low-cost or free health insurance for their children through 18 years of age."

Here's how to get free insurance quotes and find the best health insurance for your needs:

	Save Money On Health Insurance   Time to complete:   10 minutes Money you'll spend:   $0 What you'll get:   Health insurance at a discount price Step-by-step instructions:  If you already have insurance, call your insurance company and get them to lower their rates. Visit HealthInsuranceSavings.com to get a free health insurance quote, or visit eHealthInsurance - free instant quotes are available there too.   A new window will open.  Continue to follow the online instructions. Before you accept an offer from an insurance company, visit Insure.com's Insurance Company Ratings and make sure that it's rated "A+" or "AAA". Further Reading: Personal Finance Magazines, 90-day risk-free trials available Insurance How-To Guides to help you decide your insurance needs are available at Amazon.com.

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