Author Topic: Help me lower my Car/House Insurance  (Read 2355 times)

WhoDey

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Help me lower my Car/House Insurance
« on: January 11, 2016, 02:38:48 PM »
I'm hoping that I might be able to lower my car/home insurance to help free up some budget money to 'stache away

Home Insurance:
Section I
Dwelling                              $299,700
Dwelling Extension              $29,970 
Personal Property                $224,775
Loss of Use                          Actual Loss Sustained

Deductibles - Section I
Other Losses 1/2%             1,498
Except 10% Earthquake

Section II             
Personal Liability                          $300,000
Damage to Property of Others     500
Medical Payments to Others        1,000
(Each Person)

Annual Premium                         $800.00

Premium Reductions
Utility Rating Credit           208.00
Home Alert Discount         32.00
Home/Auto Discount        400.00
Claim Record Discount     171.00

Car Insurance:
2012 Honda CR-V
Liability
Bodily Injury         100,000/300,000
Property Damage  50,000                        $128.46
Medical Payment   5,000                          $10.73
Comprehensive                                        $55.16
250 Deductible Collision                          $118.20
Emergency Road Service                         $2.70
Car Rental & Travel Expense
$25 Per Day, $600 Max                           $10.32
Uninsured Motor Vehicle
Bodily Injury 100,000/300,000               $12.24
Total Premium                                         $337.81

2012 Volkswagen Jetta
Liability
Bodily Injury         100,000/300,000
Property Damage  50,000                        $232.03
Medical Payment   5,000                          $19.93
Comprehensive                                        $81.14
250 Deductible Collision                          $233.23
Emergency Road Service                         $2.70
Car Rental & Travel Expense
$25 Per Day, $600 Max                           $10.32
Uninsured Motor Vehicle
Bodily Injury 100,000/300,000               $12.24
Total Premium                                         $591.59

KBB Value
CR-V ~$20,000
Jetta  ~$10,000

We owe ~$8,000 on the Jetta @ .09% APR.  The CR-V is paid in full.

Thanks for any help.

formerlydivorcedmom

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Re: Help me lower my Car/House Insurance
« Reply #1 on: January 12, 2016, 12:58:21 PM »
Your deductible for your home insurance (0.5%) is really low.  I have mine set at 2%.

You should be able to lower your annual premium if you raise the deductible.

ender

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Re: Help me lower my Car/House Insurance
« Reply #2 on: January 12, 2016, 01:07:45 PM »
Your deductible for your home insurance (0.5%) is really low.  I have mine set at 2%.

You should be able to lower your annual premium if you raise the deductible.

Same with car deductibles.

I'm also hoping the auto insurance is every 6 months, not every month?

WhoDey

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Re: Help me lower my Car/House Insurance
« Reply #3 on: January 14, 2016, 08:49:13 AM »
what should the car deductible be moved to?  $1,000 for each or higher?

BTW we have a 10K emergency fund, which is ~3months living expenses (I know this is relatively high - trying to get it lower) if that helps the answer.

skuzuker28

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Re: Help me lower my Car/House Insurance
« Reply #4 on: January 14, 2016, 03:17:08 PM »
what should the car deductible be moved to?  $1,000 for each or higher?

BTW we have a 10K emergency fund, which is ~3months living expenses (I know this is relatively high - trying to get it lower) if that helps the answer.

$1000 deductible will be less expensive, but check and see what the marginal cost would be.  In my experience there is a big jump from $250 to $500, but the difference between $500 and $1000 is much less.

I'd also recommend shopping around for different carriers and compare pricing.  We have similar coverage for two of our vehicles (though with $500 deductibles) and pay roughly $300 PER YEAR.

Late2TheGame

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Re: Help me lower my Car/House Insurance
« Reply #5 on: January 14, 2016, 07:49:59 PM »
Best way to lower your car premiums in by raising your Comp and Collision deductibles.    We got in touch with our Insurance Agent and had her go over all of our policies.  That was a great way to save money, it was a way for us to understand each line item, and how much we really needed.

Not certain if you have your home and cars with the same company, but I know we get a discount because we have everything under 1 company.

Late2TheGame