Insurance is one of those necessary evils for which we all need to bite the bullet and pay. There are ways, however, to save some money on those expensive premiums. Some may seem like common sense, but many people fail to take advantage of them.

Here are basic money-saving tips:

1. Avoid paying your premium monthly
Most insurance companies will charge you interest if you pay out the premium over the year rather than all at once or at least semi-annually. You can save some money if you can afford to pay it all at one time.

2. Decrease your coverage limits
Although I would never advise people to decrease their liability coverage, (unless your only alternative is to drop your insurance entirely), if you are having trouble meeting your premium payments, take a look at decreasing your coverage for such things as collision and comprehensive, especially if you are driving an older vehicle. If it is older than 6 or 7 years, you may want to consider eliminating collision and comprehensive coverage for it completely. Continue reading →