Tips for managing your insurance costs

Get into a conversation with a good insurance agent and you may find it can be rather daunting and lengthy. However, staying abreast of your car, home and life insurance can help manage the cost of coverage while maintaining solid protection. That can be worth the time you spent talking. Here are a few areas to cover in your next conversation.

Make sure coverage fits your specific risk
If you cherish or are emotionally attached to something, consider carrying a higher level of insurance to protect it. However, if you have little care or worry about the loss of an item (e.g. an old car), consider carrying less coverage. Also, consider your “need” for specific property. If you need a particular item or property, acquire the best insurance you can afford to protect it.

Choose the correct deductibles
Can you afford your deductible? Raising your deductible can be an excellent way to save money. However, there is very little value in saving money with a higher deducible if you can’t afford it. Review your finances and determine how much you could pay if you had more than one loss in the same year.

Work with an agent you trust
Work with an agent and a company that cares about you personally. It’s especially important to work with someone who replies to your communication in a timely manner. If you don’t receive a return call, email or text from your company or agent, you can’t count on them to help you manage your costs or settle your claim. A good agent will want to help you.

Bundle your insurance
Many insurers offer discounts for bundling home and auto insurance. Not only does this offer a financial advantage, it also provides the convenience of working with just one agent. 

Call your agent today and make sure you’re insured properly for the best price!

Article provided by Local Government Federal Credit Union.
The advice provided is for informational purposes only. Consult your insurance agent for additional guidance.