The holiday season is just around the corner and while it tends to be a strain on your wallet, it doesn’t have to be. We’ve crunched the numbers and found seven simple ways making small changes to your insurance can help you master how to save money for the holidays. With these tips, you’ll be able to put a whopping $500 back in your pocket just in time for those wish lists to start rolling in.
So take a minute to read on. Not only are we sharing awesome intel on how to save money holidays, but we’re helping you spoil your loved ones this season and save money on insurance all year long. Now that’s cause for some holiday cheer!
Our most important tip for all types of insurance is to shop around and compare quotes. It might seem simple, but a whopping 26% of Americans have never compared multiple insurance quotes.
Don’t take the first quote you’re offered: although it can take some time, you want to do your due diligence by comparing quotes and coverage from multiple insurance providers to ensure you’re getting the very best rate. After all, 44% of Americans that shopped around saved between $100-$499, and a third saved $500 or more.
It can be time consuming, but ConsumerCoverage can help by doing the work for you and getting you access to free quotes, quickly.
Approximate savings: $100
Total savings: $100
Most experts recommend a deductible of at least $500, but if you can bump that to $1,000, you could see a 25% drop in your insurance premiums. And if you don’t file a claim, that’s easy money back in your pocket.
Approximate savings: $100
Total savings: $200
But when it comes to learning how to save money for the holidays, reviewing your coverage can save you significantly. While you should be doing this every year before your insurance policies renew, reviewing now before the holidays can help you put a little money back in your pocket.
For all insurance types, you’ll want to remove any unnecessary coverage. For example, if you have an older car, it might not be worth it to have collision and/or comprehensive coverage. For home insurance, you might have excess coverage on jewelry or electronics that you might not really need. Or you may have installed a smart home feature this year that can lower your premiums.
For health insurance, open enrollment is here, and now is the time to ensure you’re not paying for coverage you don’t really need. Plus, remember that you can change your health insurance plan any time you’ve had a qualifying life event, like birth or divorce.
For life insurance, consider sticking with term life insurance rather than whole life insurance and review the size of the policy to save money while still protecting your loved ones and covering any outstanding debt. Alternatively, if you don’t have debt or dependents, choosing a policy that just covers your final expenses might be all you need.
Taking a few minutes to review and trim your coverage can help you save significantly on all of your insurance policies.
Approximate savings: $100
Total savings: $300
There are many possible discounts out there, including:
Approximate savings: $25
Total savings: $325
Approximate savings: $25
Total savings: $350
Be sure to keep up with wear and tear; wind and hail are the most common insurance claims (as much as 45% of all insurance claims, in fact), so maintaining the exterior of your home can help prevent damage and costly claims.
Lastly, try to avoid filing small insurance claims on your home if you can. You’ll prevent your premiums from increasing and not filing claims for a number of years could qualify you for a discount.
Approximate savings: $75
Total savings: $425
Most importantly, stay in-network whenever possible. It allows you to take advantage of lower fees thanks to relationships that your plan has with providers in that network. By going outside of the network, you can be charged the full price of a service that your plan might not cover, leaving you on the hook for hefty out-of-pocket costs.
Secondly, explore the option of switching to your or your partner’s employer’s health insurance plan if possible. While you have less choice in the plan, your employer does foot some of the costs, which can save you overall on health insurance.
Approximate savings: $75
Total savings: $500
If any of this sounds too good to be true, rest assured it’s not. The insurance savings are out there, and they’re yours for the taking. So review your policy, trim the fat, and then feast on these sweet holiday savings.
Another perk: making these changes will take less time than you’d think. In fact, simply comparing quotes takes less than two hours, according to 66% of Americans. And if that’s still too long, let ConsumerCoverage do the work for you by comparing quotes and getting you access to the best available rates.
Now that you’ve figured out how to save money for the holidays while getting the home, auto, life, and health insurance you need, go ahead and celebrate. You’ve earned it!
Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.
