REFOCUSING Your Finance Week #9

Reducing Your Insurance Expenses.  It is week nine of the R.E.F.O.C.U.S.I.N.G. and if you have been following along you have already looked at many different kinds of expenses. If you have missed those topics, you can go back to those discussions here:
http://thefrugallery.blogspot.com/2011/11/10-weeks-to-refocus-your-finances.html
http://thefrugallery.blogspot.com/2011/11/refocusing-your-finances-week-2-saving.html
http://thefrugallery.blogspot.com/2011/12/refocusing-your-finances-week-3.html
http://thefrugallery.blogspot.com/2011/12/refocusing-your-finances-week-4.html
http://thefrugallery.blogspot.com/2011/12/refocusing-your-finances-week-5.html
http://thefrugallery.blogspot.com/2011/12/refocusing-your-finances-week-6-child.html
http://thefrugallery.blogspot.com/2012/01/refocusing-your-finances-week-7.html
http://thefrugallery.blogspot.com/2012/01/refocusing-your-finances-week-8.html

Here are some ideas on how to reduce your spending on insurance--no matter what the type.

1)  Increase your deductibles.  The lower your deductible, the higher your premiums will be.  Speak with your insurance agent and get your deductible raised.  Make sure you have enough money in your emergency savings fund to cover any unforeseen issues.

2)  Change your coverage.  If your vehicle is paid off, consider getting rid of comprehensive insurance in favor of liability.  This will cover someone you hit if you cause an accident, but it will not cover your vehicle.  For health insurance, avoid the "premium" coverage that includes name brand medications and options to visit out-of-network doctors.  You can save a lot of money by making some small sacrifices.

3)  Get your own coverage.  If your employer has pricey coverage and you don't visit the doctor much, consider getting your own coverage.  If you purchase "catastrophic" insurance you will be covered in the case of any major illness.  Keep in mind you will have a large deductible to cover so make sure your emergency fund is stocked. 

4)  Shop around.  If you can't get insurance through your employer, check with local organizations to see if they have any cooperative programs.  You may be able to buy-in with a group of other people in the same situation.

5)  Pay up-front.  Rather than pay your premium monthly, pay for six months or a year at a time.  Many companies will offer discounts for advanced payment.

How have you been able to reduce your insurance costs?