Over the past few weeks, there has been lots of uncertainty on what the future holds as we isolate during the wave of Covid-19. One thing is certain, there is an economic impact on everyone, and there is a huge need to watch every penny through this crisis. There has been a lot of questions surrounding how to save money from month to month, and how one can reduce the insurance bill during this time. There are a few steps that can be taken to do this, and they will be listed below. One thing that must be communicated effectively is to do everything in your control to keep insurance coverage in force. Cancelling or lapsing coverage is a dangerous course of action to take because if something should happen, it leaves you on the hook for all of the risk and costs associated. So with that in mind, lets consider some cost saving tips that can keep you insured through the effects of Covid-19.
Utilize monthly payments
If you qualify for pre-authorized debit payments and you are paying your bill annually, perhaps utilizing this payment option will help you hold on to some cash if you are working with a reduced income. Instead of paying for a full year up front, defer some of the insurance costs and spread your premium payments throughout the year.
Whether it is your home, car, farm or business, deductibles can be adjusted and increased to save you money. If you are in a position where you can afford to pay a higher deductible should something happen, then changing your policy to reflect this could save you up to 20% on you insurance coverage
Often times, there are options to change what types of risks are covered with your policy. You may be carrying a very comprehensive type of coverage and there could be a cheaper option for you to consider which could also save you a decent amount of money on your insurance costs
Re-market your policy
Insurance companies are always competing for customers. Your broker can quote your coverage with other insurance companies to see if there is a more cost effective solution available to you
Cancelling coverage mid term or before your renewal could leave you with additional fees to pay for cancelling your policy early. Make sure to know if this will apply to you should you need to cancel your coverage entirely.
Remaining insured through these times is the best solution in terms of mitigating risks to you and your livelihood. If at all possible, refrain from cancelling, and look for other solutions to save you money on your insurance portfolio