Ask for discounts

Almost every insurance company offers discounts. There are discounts for students with good grades, discounts for combining your car and home insurance, discounts for having a baby, and the list goes on and on (usually these discounts do not apply for medical insurance, unless you have a unique policy or specialized insurance rider). While some insurance agents will look out for you and let you know about discounts that you may qualify for, others will leave it to you to bring up the fact that you would like to have whatever discounts are possible. Make sure that when you are looking to buy insurance, that you talk to agents for a long enough time for them to get to know your needs and your situation so that it can be determined if you qualify for any discounts.

Shop around

Buying insurance is just like making any other major purchase, you will be spending hundreds if not thousands of dollars on your insurance this year, doesn't it make sense that you would shop around to make sure that you are getting the best deal? Shopping for insurance is time consuming; this is a main reason why so many people fail to do it. But when you consider just how much you could save yourself by shopping around for the best deal on insurance, you will realize that the investment of time is really a small thing in the long run.

Don't pay for coverage that you don't need

Whether it is medical insurance or car insurance, make sure that you are not paying for coverage that you do not need. One size fits all policies generally leave you with less money in your pocket at the end of the month. Make sure that you buy insurance from a company that is willing to personalize their coverage (or at least offer an insurance plan that suits you) to meet your specific needs. You are not saving money on a policy that covers a wide range of situations, if most of these situations are not likely going to apply to you.

Research reputation

Most insurance companies have reputations for things like customer service and policy payouts. Knowing how satisfied other people have been with the services of a given insurance carrier, can be a big help as you determine what you may be willing to pay more for. For example, if cost were the only concern when choosing an insurance carrier, the process would just be a numbers game. But this is not the case, different insurance companies offer different skill sets and services. For example, some insurance companies have developed reputations for being stingy when it comes time to pay-out on a policy. Other companies have developed reputations of being very liberal with their pay-out policies. You may be willing to pay a little bit more each month to an insurance company that it more likely to have your back when you need to make a claim.