10 Ways to Get Affordable Insurance Coverage

1 Compare Quotes for Your Insurance on a Regular Basis

You may want to shop around to make sure you are still paying the most competitive rate for the insurance coverage you want. Compare rates for auto, health, property, and life insurance. The Internet makes this easier than ever. Check out Web sites like Insurance.com to get instant quote comparisons between well-known companies for any type of insurance. Health Insurance In-Depth offers instant quote comparisons for health insurance.

2 See if You Qualify for Discounts on Auto Insurance

Your insurance company, or another auto insurer, may have discounts for items you might not be aware of. Auto insurance may allow discounts for:

- An excellent driving record

- A multi-car owner (two or more cars in your household are insured on the same policy)

- Defensive driving courses

- Anti-theft devices in your car

- Day runner headlights (i.e., headlights that are automatically on, day or night)

Other discounts may also be available. Check with your insurance company, or shop around if you think more discounts may be available elsewhere. Articles like the one at MSN Money can show you different types of auto insurance discounts.

3 Drop the Collision Coverage on Your Older Vehicle

If your car is worth less than the cost of collision coverage, then you may want to drop this coverage. If you want to know how much your older car is worth, check out Kelley Blue Book for car retail and resale values.

4 Raise Your Deductibles on Any Insurance

Raising deductibles lowers premiums. However, there are risks associated with higher deductibles.

- If you lower your deductible, you will pay more for your premium.

- If you raise your deductible, you will pay less for your premium, but you will pay more up front if you need to file a claim.

One way to ease the blow if you have a high deductible and have to file a claim is to make sure the money for the deductible is set aside ahead of time.

5 Choose Your Property Insurance Coverage Amount with Care

Your homeowner’s insurance needs to be based on the following tangible data:

- The current value of your home

- The value of all personal property inside the home

Without an idea of these amounts, the following can happen:

- You might pay too much for property insurance because you have no idea how much to insure for.

- You might pay too little if you purchase inadequate coverage. This becomes an issue if you have to file a claim and find that your insurance does not adequately cover your losses.

Check out home some inventory worksheets at http://www.realsimple.com/realsimple/content/0,21770,1608292,00.html to help you decide how much coverage to get.

6 Update Your Property Insurance Annually

The value of your home may change over time. The personal property inside your house may also change. The value will increase or decrease. You may get rid of items and add new items. Keep your policy current by keeping these items up to date.

7 Take Advantage of Your Employer–Sponsored Health Insurance

If you are fortunate enough to have health insurance through an employer, make the most of it.

- Get preventative care now, while you have affordable coverage.

- Make the time for annual checkups.

- Read your policy carefully to determine what is and is not covered.

- If your spouse or partner has employer-sponsored health insurance, find out if you can be covered, and at what cost. It may be worth it.

For information on employer-sponsored health coverage in the U.S., see the New England Journal of Medicine guide.

8 Open a Health Savings Account (HSA) if You Buy Your Own, High-Deductible Health Insurance

An HSA allows high deductible policyholders to open an account. You may contribute a maximum amount of pre-tax income per year to your HSA. The benefits of an HSA include:

- Money can be withdrawn to pay for qualified medical expenses, including insurance premiums.

- Money deposited into an HSA is not taxed.

For more on an HSA, see the US Department of the Treasury or HSAFinder.com.

9 Lower Your Health Insurance Rates by Staying Healthy

None of us can guarantee that we will never get sick. However, by taking these preventative measures, we will improve our health. A discount on health insurance premiums may be available for the following preventative measures or healthy lifestyle practices: