GARYANDLANA

Can you find cheap insurance? Yes. You can not only spend less on all types of insurance, but you can get more of the coverages you need for less. Here are a few insider secrets to help you out.

Cheap Life Insurance

- Purchase multiple policies. Instead of buying one large policy, save money by buying two, or even three, and staggering the terms. Have one run until the kids are out of the house, for example, and the other until your retirement fund kicks in.

- Investigate the company. Visit www.naic.org/cis, the National Association of Insurance Commissioners site. It has links to check out companies, including their financial condition, and the complaints filed against them.

- Ask about rebates. Some states allow agents to rebate a portion of their commission to you. Check online or by phone. You don’t have to be from the state to buy insurance there.

Cheap Auto Insurance

Get several quotes, of course. You probably know that having as high a deductible as you can afford will also reduce the rate. Here are some money-saving tips you may not have known.

- Get the legal minimum for liability coverage if you have few or no assets. Many companies try to sell their “company-recommended minimums” on liability, and even pass them off as the legal minimums. Just get the legal minimums. If you have no assets, you’re not a target for a lawsuit.

- Once a year, review your policies. Have a policy review and get new quotes every year or so. If the ticket you had is past the three year mark (or whatever the company thinks is important) they will drop the rate, but not automatically, so ask.

- Remove your kids from your policy. If your kids are at a college that’s more than 100 miles away, you can have them taken off the insurance policy and save a lot of money. You can’t let them drive the car when they come home to visit though.

Other Cheap Insurance Secrets

– Health insurance tip: Find a group to join. If you don’t have health insurance through your employer, join a group that enables you to get a better policy rate. A fraternal organization or the chamber of commerce sometimes have arranged for group policies.

- Home owners insurance tip: Consider higher deductibles. Insurance is for disasters, not small stuff. Plan to pay the first $1000 someday when something happens. In the meantime you’ll save money every year on your policy.

- Credit life insurance tip: Just say no. These policies pay the balance of your auto, home or other loan if you die. If you feel you need it, regular life insurance for the same amount is much cheaper.

Whatever type of insurance you are buying, be sure to get several quotes. Ask questions about every part of the policy, and don’t pay for things you don’t need. Ask about any special discounts you might be eligible for. Asking many questions and really understanding the policy is the key to getting cheap insurance.