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What Are Insurance Odds?

Think you can live without good auto or homeowners’ insurance? Well, if you consider that all insurance [1] is based on probability and statistical outcomes, then you might be inclined to try going without any insurance and save a bunch of money.

People who don’t plan ahead and can’t be bothered with all the various types of insurance needed in today’s high tech world take their chances everyday. Uninsured motorists drive up the cost of auto insurance for the rest of us.

People who don’t pay their property insurance may lose their home in case of a fire or even be foreclosed upon by their lenders. People without any life insurance leave their families without any money.

But people who do think ahead and plan for contingencies generally sleep better knowing they have insurance on the important things in life that can be insured; homeowners’ and medical coverage, auto and life insurance are the basics.
Odds are that sometime in your lifetime you will suffer as the result of an insurable loss unless you have planned in advance and purchased the right insurance coverage.

Are you playing the insurance odds?

But the other thing about insurance is that usually when you really, really need it, you can’t buy any. Bangkok Insurance [2] ran a very creative ad campaign about the odds being 1 in ten million that a miracle will save your house when a tornado hits or that an armed robber accidentally shoots himself in the foot while trying to rob you. It’s quite hilarious actually; you should check it out:

OK, so now you’re convinced you need insurance, but how can you save money on expensive home, auto, medical and life insurance policies? Follow our top five insurance savings tips and save big dollars on your insurance costs:

  1. Don’t Overbuy Insurance – many people are talked into overbuying insurance by unscrupulous agents. Buy only what you need and increase coverage when you need to.
  2. Always Get Multiple Insurance Company Quotes – it really pays to shop around for insurance; every company has different underwriting guidelines so rates and policy features can vary widely.
  3. Consider Buying Insurance Online – most major companies offer insurance online these days. And, since they don’t have to pay agents costly commissions, they will often pass the savings along to customers!
  4. Check Your Coverage at Renewal – while it often makes sense to remain with one insurance company to get discounts over time (especially if you never have to file a claim!) you always want to check and be sure your insurer isn’t overcharging you. Sometimes you can get better insurance rates simply by telling your insurance company you are considering switching to another company at renewal time
  5. Always Try to Negotiate – some people are intimidated by insurance agents and companies. They do not believe that insurer’s will negotiate, but if you are firm, polite and discreet when asking for an insurance discount, you may be pleasantly surprised at what kind of deal you can get; lower premiums or deductibles may be possible if you are persistent enough!