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How to save money on your insurance

How To Save Money on Your Insurance

Updated on April 20, 2021

 Personal Finance

In this economy, everyone’s looking for ways they can save money. We certainly are, and in more than a decade and a half of doing business as a financial institution, we’ve come across all kinds of ways to cut costs. A lot of these tips are pretty self-explanatory, but every now and then we come across a few that even we hadn’t thought of. In this post, we’re going to show you how to save money through insurance and similar financial issues. For instance:

Renter’s Insurance

Ask just about anyone and there will be two opinions on the subject; either renter’s insurance is a necessity, or it’s a complete rip-off. There almost never seems to be any middle ground on the issue. The two most common reasons people get renter’s insurance are theft and structure fire. We are not telling you that you don’t need renter’s insurance – you have to make that decision for yourself, of course – but you might consider how much you’re willing to give up in the long term versus paying for the short. In other words, take a look at the things you have and ask if yourself if you’d be willing to do without it. If so, then you could be saving a lot of money in the long term.

Extended Warranties

Again, we’re not going to tell you what you should do in this case, but we’re going to lean a little more in favor of not buying these. If your electronic equipment makes it past the warranty period, then there’s a solid chance it will last you a good few years. Same goes for your automobile. With good, regular maintenance, you’ll greatly reduce the chances for a needed major repair. For most people, extended warranties are just money tossed away.


In this case, we’re talking about auto insurance. Consider raising your deductibles to five hundred or even a thousand dollars if they already aren’t. Is your car paid off but still fully covered? Consider the possibility of reducing your coverage just to what the law requires (usually liability and medical) and keep your car well-maintained. This could save you quite a bit of money each year.


Have your circumstances changed? Are your kids grown and out of the house? Do you have fewer expenses than you used to? If so, you might take a look at adjusting your term life insurance. Premium reductions for this could save you hundreds per year. Whatever methods you use to save money, sometimes we find ourselves in an unexpected financial shortfall. If this is the case for you, come see CASH 1 for Installment Loans Online.