3 Things you can implement now to pay less for your insurance & get more out of it.
1. Deductibles- carry the highest deductibles you can reasonably afford to pay for if you had a loss. This helps in two ways:
- You pay less for your insurance over the long term.
- Discourages you from filing smaller claims that most often end up hurting you more than had you paid out of pocket. Companies rating systems look at frequency, type, and severity of claims. While filing a single small comp claim usually has a minimal impact, you will many times lose a claims free discount, and subsequent claims filed in the next 3-5 years can have a multiplier effect.
2. Liability limits- buy as much as you can reasonably afford- this is your first line of defense in a lawsuit. It is what protects people from coming after your personal assets. Read more here:
3. Claims- Insurance works best these days filing low frequency and high severity claims. Meaning don’t file claims often, but when you do, try your best to verify that coverage is likely and that the claim is larger in terms of damages. It works worst when there are multiple small claims of any type.
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