30 Ways to Cut the Cost of Living: Insurance

#25: List all of your current insurance companies (auto, home/renters, medical, life, etc.) and your cost per month for each.

Here’s a sample:

Auto: Geico

Impala: $___ / month

Civic: $____/ month

Home: Farmer’s

$____/ month

Renter’s: Geico (Traveler’s)

$____/ month

Health Insurance (Blue Cross)

$____/ month

Life Insurance

Husband: $____/ month

Wife: $____/ month

Now, go to a site like http://www.insurance.com/ and run a comparison in every category.  Take all things into consideration: rates and reviews of each company, deductible amount, service options, policy restrictions, rates for monthly vs. quarterly payments, combined category discounts (auto and home insurance through the same company, for example), etc.  You may find that you could save hundreds each month by switching companies!

Health insurance is a huge topic, and I am just barely touching on it here.  If your employer offers health insurance, this is likely your best bet, as the group buying power provides much lower rates than individual insurance.  If you don’t have the option of company health insurance, you will want to camp out here for a long while before making your decision. HMO/PPO/ Health Savings Plans…there are many options and considerations, just a few of which are as follows:

-Are you and your family relatively healthy?

-Do you want lower monthly rates and a higher deductible?

-Do you need maternity coverage?

When my husband was in grad school and we had to purchase insurance for my son and I, I literally spent DAYS on this with multiple spreadsheets, tons of phone calls, and endless number-crunching before I made a decision. We ended up using two different insurance companies for the two of us, but we got the best possible deal available for the best coverage possible!

I realize that research of this natures takes a lot of time.  If your experience is anything like ours,though, you will find that the savings you score will prove it to be a wise use of your time. Dive in and tackle this huge monthly expense category this week!


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Be sure to check out my previous posts on eating out, family fun, haircutsgift-giving, babysitting, groceries, cosmeticselectricity, natural gas, water, auto repair, and purchasing a vehicle, decorating, medical bills, cable/movies, travel, and Dinners for $5 or less.


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