5 New Years Resolutions That Can Lower Your Insurance Costs
Posted by LPL Risk Management on
Making positive changes in your lifestyle may do a lot more than just improve your quality of life; it can save you money on your insurance policies. This year make a News Years Resolution that you’ll stick to and let it pay off in more ways than one!
Here are 5 resolutions to make this year that can lower your insurance costs and by saving you money on your policies and premiums:
1. Lose Weight
If you’re one of the two-thirds of American who are overweight or obese, losing weight could qualify you for lower life insurance rates.
When a company issues you an insurance policy, it bases your rates on calculated risks. When you’re at a healthy body weight you’re less at risk for heart disease, diabetes and certain types of cancers. So, if you’re overweight, losing weight until you are at a healthy range can reduce your health insurance rate.
2. Quit Smoking
Quit smoking and stick to it. Being classified as a “smoker” dramatically increases the cost of insurance and raises premiums for permanent life insurance, disability and long term care insurance.
This is because insurance companies know that people who smoke at more at risk of getting sick and developing illnesses. Quitting smoking can reduce your premiums by as much as a few hundreds dollars. Additionally if you quick smoking there’s a good chance you’ll save another couple of hundred dollars on co-pays and prescriptions over the course of a year.
3. Make your home safer
There’s many ways you can make your home safer to potentially reduce your insurance costs.
Simply by installing a smoke detector, burglar alarm or dead-bolt locks can usually reduce your insurance policies by at least 5%. Home improvements such as replacing old wood shingles with higher quality material and installing a sophisticated sprinkler system can potentially lead to dramatic discounts.
4. Improve your credit
You may or may not be aware that your credit information is actually a factor in determining your insurance costs. People with good credit get lower rates than those with poor credit histories. To protect your credit score pay bills on time, don’t obtain more credit than you need and keep your credit balances as low as possible.
5. Turn off your cell phone while driving
Turning your phone off while driving may not directly lower your car insurance rates but it may prevent accidents and tickets which can lead to higher premiums. Are you a New York resident? If so, several points will be put on your driving record the first time you break the cell phone driving laws.
Want to get a great quote on your insurance policies? Give us a call at (631)676-7020.