By Chimezirim Chinecherem Odimba
If you can get cheaper premiums for your auto, health, home and life insurance policies then you could easily save a few thousands annually. Here are things you can do to reduce your budget without downgrading your coverage…
1. A third party only auto insurance policy almost means that you pay the least premium for any chosen insurance company. This option is workable only in states that put up with such at least as the minimum. Simply note that you’ll not receive any compensation for your vehicle. It merely takes care of the third party’s vehicle hence the name. You’ll be expected to repair your own vehicle on your own. If your vehicle is old, this has to be your choice.
If, for example, you buy collision coverage for an old vehicle, your insurance company will merely reimburse you the value of your vehicle at the time of the crash. There is really no way the total of your payments over a significant time and your deductible won’t overshadow what you’ll receive as compensation. The exception to this being if your car is a classic. An insurance policy is NOT worth it if it doesn’t pay you on the long run.
2. That extra weight will make you spend more in life and health insurance. An insured’s Body Mass Index (BMI) is a serious factor that affects what an individual pays as life insurance rate.
A high BMI will always attract a higher premium all other things being equal. The more extra weight you have for your height and sex the higher your Body Mass Index rating will be. Put more effort into shedding excess weight since dropping as little as a few pounds could put you in another Body Mass Index rating and result in more affordable premiums. Continue Reading
