Everyone's looking for ways to save money on monthly billsâand that applies doubly to retirees, who live on fixed incomes. During these times of economic uncertainty, it's more important than ever for folks at or near retirement age to become their own best advocates.
We've kick-started your efforts by doing the research for you. The following money-saving tips are certain to help you lower your premiums for automobile and homeowners/renters insurance:
- Multiple Line Discounts: Insuring your residence and automobiles with the same carrier may qualify you for a savings of up to 10 percent.
- Increase your deductible: Taking on a bit more of the risk yourself, if you can afford it, is a guaranteed way to reduce your premium.
- Shop Around: You should review your policy coverage once a year and be on the lookout for better rates.
- Qualify for Group Discounts: You could be eligible for these discounts through your employer, alumni association or automotive club.
- Drive a Safe Car: The safer your car, the less expensive it is to insure. Safety items taken into consideration by insurance carriers are restraint systems, antitheft devices and antilock brakes.
- Protect Your Credit Score: Generally, the better your credit score, the lower your insurance rates! Fair or not, studies show that people with high credit scores are less likely to file insurance claims.
- Pay Your Premium in Full: This tactic enables you to avoid monthly service fees, which can add up.
- Pay Electronically: Insurance carriers often offer a discount if you elect to have your payments automatically withdrawn from your account each month.
- Policy Review: At each renewal, check for unnecessary/outdated coverages. Consider whether it's worth it to carry collision insurance on an older vehicle.
- Home Security System: You're eligible for discounts when you have a residential security system that is linked to a central monitoring station. And finally,
- Ask!: It never hurts to call your insurance carrier or broker to ask if you qualify for additional discounts. You may be surprised!
Phil Cannella is an insurance advisor and founder of First Senior Financial Group in Pennsylvania. He educates consumers and certified retirement advisors through his radio show and local events.