Saving Money Monthly

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Money! It's something we could all use more of, especially during such uneasy financial times. Many think the only thing to do is increase their income because the idea of lowering monthly expenses seems impossible. However, smartly and effectively lowering recurring monthly costs could be just as beneficial as your typical small percentage yearly raise and even more so when complemented with said raise. There are many recurring monthly charges that we all have, and while some can just be canceled like a streaming service or gym membership, others we are stuck with month in and month out. Many believe there is nothing that can be done about these, with car insurance being one of the tops. Americans overpay for car insurance by an estimated $21 billion annually. So, there is clearly room to save some much-needed moolah and pad your bottom monthly line.

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Probably the most obvious place to start would be to shop around for different quotes. However, to determine if you are getting the best quote, the kind and quality of the quote really matter. The best advice is to get at least three quotes from three different types of insurance providers, as they may all have different fees and policy provisions. Check agencies that sell through their own agents and are usually nationwide and broadly recognized such as State Farm, Allstate, Geico, etc. Also check providers that sell through independent agents, which are usually regional, like Progressive, Travelers, etc. The Third type to check would be direct to consumer providers in the vain of the online provider The General. Research the companies and have a basic understanding of how insurance works and be prepared to ask smart, informed questions to ensure getting the best quality quotes.

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If you have an emergency fund saved up that protects against a sudden surprise expense, like a larger deductible, then another option would be to raise your auto insurance deductible. Plainly put, higher deductibles equal lower premiums which in turn equal lower monthly payments. Bundling is also another great option to lower your monthly insurance bill. Bundling is simply combining your auto insurance policy with another product offered by your provider. You can bundle your auto and home insurance, for instance, which could save you as much as 25% depending on the company and your location. Seeking out other discounts could also prove fruitful in gaining you more cheese at the end of the month. Discounts such as accident-free or safe driver discounts can drastically lower your insurance premiums by as much as 10%. All you need to do to qualify is remain accident-free for a set time, usually 7 years, and be a ticket-free safe driver. The low mileage discount is often overlooked but can save an average of $86 a year on your auto insurance payments. If you work from home and/or travel less than 7500 miles annually then this may be a great cost-cutting measure for you.

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With the rise in inflation, fuel cost, and almost every other aspect of daily life finding ways to trim fat and stretch your dollar is even more important than before. With a little knowledge and confidence you can approach shopping for car insurance as a way to save money instead of the usual stress it seems. There are many ways to save money and stretch a dollar and I'd encourage you to start with where most believe they cant save money.