For the cautious homeowner or the head of a family in need of medical insurance, insurance is a necessary expense. Keep reading to learn how you can save money on everything from travel insurance to your health insurance.

1. Trim down your travel insurance.

There’s no need to pay extra for accidental death coverage on your travel insurance if you already have life insurance either through your work, credit card or your own life plan.

2. Opt for the higher deductible.

By accepting a higher deductible, you can often afford better coverage and will get lower monthly payments. Admittedly, if your house is burglarized, you’ll need to pay that higher $2000 deductible, but you’ll be insured for goods up to $100,000 instead of $20,000. Make sense?

3. Lose the collision.

If you have an older, less-valuable vehicle, it may be time to drop the collision insurance. Depending on its shape and condition, it simply might not be worth it to insure. For example, if the book value of your car is less than $2500, you’d be better off putting those collision insurance payments into a high-interest savings account and using the money toward a new car.

4. Opt for a highly rated insurance company.

Even if the premiums are lower, you can sometimes wind up spending more money with a lower grade insurance company. Look for a company that’s rated B+ or better.

5. Take a better driving course.

Many states offer significantly discounted auto insurance rates if you’ve recently completed a defensive driving course. For a few hundred dollars, you could save yourself almost a thousand dollars in car insurance in just a couple of years.

6. Save with school insurance.

If your family can’t afford full medical insurance plans for every member, consider using the school accident insurance plans that are offered at the start of the school year. Many of these plans have low premiums and will offer up to 85 percent of medical and dental bills in case of accidents.

7. Ask your insurance provider about discounts.

If you have a security system, smoke alarms, a good driving record, are certified healthy or don’t smoke – always ask your insurance agent about possible insurance discounts. Many of them won’t volunteer this information unless specifically asked.

8. Make adjustments to your life insurance.

As your kids grow and become independents rather than dependents, consider cutting back on your life insurance. Remember, providing for a lone spouse is going to cost significantly less than that spouse plus your young children.

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