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Right Sizing Your Insurance Can Save You Money

Auto Insurance

Is your coverage costing you money?

Most Americans never change their auto insurance until they replace their vehicle. Shopping around is a great idea to ensure you are getting the best price. But you always want to ensure that you use a reputable company that will be there when something happens. But did you know that as you work through the 7 Baby Steps you can self insure and save money each month?

Let’s create an example that a couple buys a new car for $25,000 and puts $10,000 down. The lender will want to make sure that if the car is in an accident that the car is protected. And many couples may take a low deductible so if that accident does occur, they do not have a huge debt in their bank account. Now I would recommend only buying cars you can afford to in cash and save the hassle of what a lender would want. But if the couple pays off this loan or they paid cash, the chances are higher than they have an emergency fund. And the emergency fund is a way to self-insure against accidents. Don’t get me wrong you will still need to have a deductible but instead of a low $250 deductible the couple can now take out a high $1000 deductible. This will provide them with a lower monthly insurance bill and help them through the baby steps.

Dave Ramsey’s take on Auto Insurance

Homeowners Insurance

Do you have too little or too much coverage?

We often think of insurance as set it and forget it. But that can be very detrimental for a variety of reasons. First let’s take a moment to think about the housing market and how the prices keep going up. When was the last time you checked your policy to ensure the current value of your home covers you in the event your home has an issue? If that, is you understand you are not alone.

Calling your agent and getting a copy of your current coverage is the first step. Next you may find that your coverage no longer applied to your needs. This is a great time to look over it and see if there is a way to save money. Or take your policy and reach out to a broker and get quotes on your home to see how you can lower your monthly bill if you need and want lower coverage.

Check out Dave’s take in this article.

How Much Car Insurance Do I Need? | RamseySolutions.com

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