Part of being an adult involves making sure that collateral losses don’t lead to financial ruin. So what did I just say? Insurance is a good thing. But just like everything else in this world, it’s easy to overpay or not get what you’re paying for if you don’t put a little work into it.

It seems like a lot of our income goes towards insurance. So how do we make sure that we’re getting our money’s worth?

Car Insurance

We still have the same insurer who is based in a college town that we had in college. We’re getting a better deal than if we were to have an insurance agent based in Chicago. Small-town agent = small-town prices…at least for us.

Our insurance agent will make sure that we get all of the deals that we’re eligible for. Here’s what we get discounts for: Being college grads; not having an accident for 5+ years; having airbags, alarm, and anti-lock brakes; and being married. If you’re not getting a discount for any of the above items, it wouldn’t hurt to ask your agent for one.

The price of the auto insurance is also reduced because we have a renter’s insurance policy.
 

Renters Insurance

Be real - don’t overvalue your stuff. In doing so you’ll just end up paying more for insurance, while not getting anything extra in return if you had to make a claim.

We bought a pocket camcorder for our recent Australian vacation, but it will also come in handy for insurance purposes. We’re going to go through our house and get our belongings on video, so that if we ever had to make a claim we could prove that we actually own the item.

Life Insurance

Get quotes from everyone! We looked at at least a half-dozen insurers before we picked the one we have now. We also had to sit through some long and painful sessions, but we viewed those as crucial learning experiences. We’re pretty happy with how much we’re currently paying.

It also pays to get in better shape before you start looking. You can’t erase a past of debauchery, but you can try and convince them that you’re living a more healthful life now. This also applies during the term of insurance as well - we can get re-evaluated in a few years to see if we can get our premiums down.

How do you get the most out of your insurance?