With Costs of Living on the Rise, be Smart about Reducing Insurance Expenses
It’s still cheaper to live here than in Denver, but when compared with 20 other U.S. cities, Colorado Springs had the highest increase in cost of living from 2017 to 2018 (26%), according to studies published in Forbes magazine.
With such a stark increase in the cost of necessities for living, many folks must take a hard look at monthly expenses to find opportunities to save money in their budget. Many times, insurance is an obvious place to start, but insurance consumers must be smart about how they reduce this expense to avoid making a decision that will haunt them in the future.
There are 2 main ways to save money on insurance: shopping around with insurers and adjusting coverages. You may be surprised to learn that other reputable insurers can give you a lower rate while maintaining the same levels of insurance you carry presently. This is a great place to start when it’s time to cut back on insurance expenses. After shopping around, ask friends, family, or another trusted person (like your attorney) whether they’ve had any personal experience with your top two choices before you make the final switch.
If switching carriers doesn’t afford enough savings, you can also consider adjusting coverages to save money, but reducing coverages to save money in the short term should be done with extreme caution. Some reductions are appropriate, like eliminating comprehensive and collision coverage on a car that is old enough that aggregate premiums cost more than the expected payout in the event of a total loss. Other reductions could be very costly to you and your family financially if you or they were to be involved in a crash, like reducing Bodily Injury or Uninsured/Underinsured Motorist coverages.
Not sure where to begin? Start up a conversation with the Colorado Springs Injury Attorneys at Rosenbaum & Wootton, P.C. by calling or texting us at 719.634.0102 or click on this link to schedule your FREE INITIAL CONSULTATION. Get to know us BEFORE you are involved in a crash so that you are well prepared if/when the unthinkable happens.