#49 Insurance

When it comes to the various types of insurance, shop around. Prices will vary greatly from place to place.

Car insurance companies give discounts for things like not smoking, driver's ed, no accidents and other things. If your car is older, you might want to consider carrying just liability insurance. That means, if an accident is your fault, they pay for the other guy, but they do not pay for any damage to your car. Another way to save money is by carrying a higher deductible.

Health insurance is usually through an employer and there is little choice. If not check all the options. If you leave one job and either do not have another job or are just starting another job, check into extending your previous insurance through COBRA, especially if you have a medical condition. By law, you have the right to keep your insurance for a period of time, but you are responsible for all the premiums. If your former company was paying part of them for you, it will now be your responsibility. If you have a preexisiting condition, it is worth it.

Check with your employer to see if a cafeteria plan for health expenses is available. Cafeteria plans allow you to purchase health care needs and not pay taxes on them.

Some of the newer health insurance plans have wellness plans. If you follow their guidelines, you are eligible for health insurance discounts. These are through an employer and are worthwhile savings.

Homeowners insurance varies in price. There are also discounts available for many things such as smoke detectors and a home security system, a new roof, a relatively new furnace, etc. Ask.

Some insurance companies will give you a much better deal if you carry most, or all, of your insurance with them.

Since buying insurance means dealing with salespeople whose livelihood depends on making sales, this can be time intensive, but it can save you hundreds of dollars a year.