Money doesn't grow on trees. We all wish it did, but that's just not how the world works. Since none of us has an unlimited supply of cash, we have to maximize what we can get out of the money we do have.
Spending money on insurance is often a necessary evil. You must protect your health, family, and investments (see 5 Different Types of Insurance and Who They're Best For to start figuring out what kind of coverage you need). If you don't, you'll put investments and loved ones in grave danger due to negligence. But while you know you need good insurance, you also want to get great value and not have to spend an arm and a leg on it.
Saving Money on Insurance
So, you want to get a great insurance policy without breaking the bank. You want to get the protection you need and still have enough cash left over to spend on the things you actually enjoy.
Well, then, how do you go about saving money on insurance? As with most things, the first step is education. Learn about the industry and understand where you can save and where to invest.
And where is one of the best places to quickly gather interesting tidbits of information about the insurance industry? Social media—specifically, Twitter. You can learn a lot, including how to save money on your insurance policies, by following certain insurance Twitter accounts(see the other posts in our Who to Follow on Twitter series to find out where to get industry news and information).
A smaller Twitter account dedicated to helping you understand insurance and search through some deals. Insurance Deals is a great follow for a stream of daily curated tweets with insurance deals embedded, along with some informative articles and more.
I wouldn't recommend this follow for everyone. Insurance Forums is meant for industry insiders like agents and brokers (see What Is an Insurance Broker? to learn more about agents and brokers and what they can do for you). However, it can also be a good resource for those looking for some great deals. Follow this feed to get info into the insurance market from those selling you your policies.
Cheap Car Insurance
If you're looking to save a little cash on car insurance, then this is the place to start. Cheap Car Insurance is a company with only one goal: finding you the cheapest car insurance quotes possible (find out which are The Top 5 States with the Lowest Car Insurance Rates). Their Twitter feed reflects this fact, and it tweets out great car insurance information and deals all day long. You'll find great money saving tips for car owners, too.
When you're looking to educate yourself about the insurance industry and see whether any good deals are available, Insurance Plaza is a good source. This account tweets important information about the insurance industry every single day. A must follow if you want to learn more about insurance and save money.
Saving Money on Insurance
Saving money on insurance is never easy. Let's be honest. Insurance companies run a business, and businesses have a goal of making money. So there's only so much savings a company can offer and still stay profitable (learn How to Choose an Insurance Company that Won't Go Out of Business).
That being said, there are hundreds of ways to save money on insurance. The problem is you can't just save money on insurance by radically cutting back you coverage. If you try to buy the cheapest insurance policy out there, you'll be left with little to no coverage and a huge liability when you end up in need. That's not what you want—trust me!
Instead, you need to get the best possible deal on the best coverage for you and your family. To do that, you have to educate yourself about the industry and where you can find deals. By following the Twitter accounts above, you'll be well on your way to understanding the insurance industry and how you can save some cash with different policies.