Insurance Rates

Insurance rates can vary depending upon many different factors. The following article offers some money-saving tips for consumers who will be shopping for auto insurance, home insurance, or health and life insurance policies.

Different auto insurance companies offer different forms of coverage and different insurance rates. While some companies charge more per month on average than other companies, they may offer better customer service and/or other advantages. Other companies may offer rock-bottom premiums, yet lack the service oriented advantages that consumers typically enjoy.

Some of the factors that sway how much money a person pays for auto insurance premiums include:

• The year, make, and model of the vehicle
• The person's driving history
• The person's age
• Safety features on the car

Although not every auto insurance company offers discounts, most companies provide discount monthly premiums for good students, long-time customers, and customers who have multiple policies. Before signing up for a policy, consumers should always check with several insurance companies to see if there are any discounts available to them.

Insurance rates for a person's dwelling depend largely upon replacement costs. Insuring a large, expensive home is going to cost more than insuring a small, modest home, simply because of the potential costs to the insurance company in the event of a disaster. Insurance rates for private residences and the contents of these residences if:

• The dwelling is near a police station or fire station.
• There is an alarm system installed.
• If the policyholder has higher deductibles.
• There are a limited number of instances in which a claim was filed.

People who operate businesses out of their home, such as home daycare providers, are going to pay more for their homeowner's insurance because of the potential for lawsuits.

Health insurance rates can be devastatingly expensive, especially for people who do not receive health insurance benefits through an employer. People paying exorbitant monthly premiums may include people who:

• Have a preexisting condition
• Use tobacco products
• Are overweight
• Have dependents with any of the above conditions

Although it may be tempting not to disclose any previous medical conditions to a new health insurance company in hopes of lower rates, consumers need to realize that insurance companies have means to verify the claims of a potential client's health. If a preexisting condition exists and was not disclosed, an insurance company has the right to refuse to pay the medical bills associated with the condition and immediately terminate the policy. It is better to disclose all previous health problems and deal with the higher health insurance rates.

Rates also depend on the type of insurance plan a person chooses. For example, an HMO plan may be less flexible than a PPO plan, but an HMO typically costs less.

Similarly to health insurance, life insurance rates go up when mention is made of a preexisting condition. Age also effects rates for this type of insurance policy, because as a person ages their monthly rates are going to rise concurrently. One way to save money on monthly premiums is to purchase term life insurance instead of whole life insurance.

Interestingly enough, many insurance providers are now checking their customer's credit report prior to issuing a policy. Although there is limited research to back up an increased rate for people with lower credit scores, many insurance companies employ this tactic nonetheless.

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