Covid 19: Lowering Monthly Expenses
Not only is Covid19 a concern; the volatile economy, starting before the pandemic, has worsened. The end result: we're all facing uncertainty. You're neighbors are partially addressing this by lowering their expenses. Although limited help has been offered, you'll want to look for savings in several places. For example, most of us aren't driving as much, , reducing our gas and maintenance costs. Yet, the cost of utilities and groceries have increased significantly. You still have property taxes to pay as well.
Car insurance carriers have provided lower premiums for 2-3 months. While timely, these won't last. This should remind you the importance of knowing what coverage you have and what it costs.
Here are some ways to save money on your car (and home) insurance:
*Bundling home and car insurance will save up to 15%.
*If you're 60+, taking AARP's online Safe-Driving course saves up to 5%.
*If your car is 8+ years old, do you need full coverage or solely liability? You can also have higher deductibles for your older car.
*Having active alarm monitoring saves on your homeowner's insurance.
*Carriers also offer discounts for college graduates, certain professions, etc.
*When buying a car, find out how what it costs to insure before buying it.
There are drastic differences in the same class or even the same model/'trims.'
The other side of saving money is being sufficiently covered. If you have an expensive hobby, home-based business, or collector's car, you'll need higher personal property, additional incidental business, or collector's car coverage. If you have $10,000 personal property coverage and $25,000 of clothes, electronics and furniture, that's a problem. Does your carrier appreciate the uniqueness of your classic car or do they consider it like any car? Especially if it involves food, seniors, kids, etc., your home-based business may not be covered in your homeowner's insurance.
Other tips:
*Are you paying for a magazine or newsletter subscription you no longer use?
*Are skin-care or shaving items delivered, which are now available at local stores?
*Are you being billed monthly and/or in accordance with what you agreed to?
*Are your insurance, cell-phone, and Cable-TV discounts applied properly?
*Does your bank have high ATM, minimum balance, over-draft, or similar fees? Do you get a discount on your car loan by having a savings account at that bank?
*If you're life insurance doesn't 'multi-task,' it may be time to replace it.
Now is the time to review your insurance to ensure it's complete, lacks gaps, and is truly what you need.
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