What Are The Ways To Save On Insurance In Time For The Holidays
Hollay Ghadery Last Updated On: December 6, 2022

7 Ways To Save On Insurance In Time For The Holidays

The holiday season is just around the corner and while it tends to be a strain on your wallet, it doesn’t have to be. We’ve crunched the numbers and found seven simple ways making small changes to your insurance can help you master how to save money for the holidays. With these tips, you’ll be able to put a whopping $500 back in your pocket just in time for those wish lists to start rolling in. 

So take a minute to read on. Not only are we sharing awesome intel on how to save money holidays, but we’re helping you spoil your loved ones this season and save money on insurance all year long. Now that’s cause for some holiday cheer!

Insurance on Holidays

How to Save Money for the Holidays: Look to Your Insurance!

  1. Compare Quotes

    Our most important tip for all types of insurance is to shop around and compare quotes. It might seem simple, but a whopping 26% of Americans have never compared multiple insurance quotes. 

    Don’t take the first quote you’re offered: although it can take some time, you want to do your due diligence by comparing quotes and coverage from multiple insurance providers to ensure you’re getting the very best rate. After all, 44% of Americans that shopped around saved between $100-$499, and a third saved $500 or more. 

    It can be time consuming, but ConsumerCoverage can help by doing the work for you and getting you access to free quotes, quickly. 

    Approximate savings: $100

    Total savings: $100

  2. Increase Your Deductible

    Here’s a quick and easy option when it comes to how to save money for the holidays: increase your deductible. Your deductible is the amount you pay before your insurance kicks in and pays a claim. By increasing your deductible, your insurance premiums will go down. 

    Most experts recommend a deductible of at least $500, but if you can bump that to $1,000, you could see a 25% drop in your insurance premiums. And if you don’t file a claim, that’s easy money back in your pocket. 

    Approximate savings: $100

    Total savings: $200

     

  3. Review Your Coverage

    Set it then forget it: that’s what most people do with their insurance. For car insurance alone, a survey shows that 52% of people allowed their policy to auto-renew in 2021. Not a wise idea. 

    But when it comes to learning how to save money for the holidays, reviewing your coverage can save you significantly. While you should be doing this every year before your insurance policies renew, reviewing now before the holidays can help you put a little money back in your pocket. 

    For all insurance types, you’ll want to remove any unnecessary coverage. For example, if you have an older car, it might not be worth it to have collision and/or comprehensive coverage. For home insurance, you might have excess coverage on jewelry or electronics that you might not really need. Or you may have installed a smart home feature this year that can lower your premiums. 

    For health insurance, open enrollment is here, and now is the time to ensure you’re not paying for coverage you don’t really need. Plus, remember that you can change your health insurance plan any time you’ve had a qualifying life event, like birth or divorce. 

    For life insurance, consider sticking with term life insurance rather than whole life insurance and review the size of the policy to save money while still protecting your loved ones and covering any outstanding debt. Alternatively, if you don’t have debt or dependents, choosing a policy that just covers your final expenses might be all you need. 

    Taking a few minutes to review and trim your coverage can help you save significantly on all of your insurance policies. 

    Approximate savings: $100

    Total savings: $300

  4. Ask for Discounts

    There are many insurance discounts to be had, but you’re not always going to be offered them. If you’re looking for how to save money for the holidays, asking for insurance discounts that you’re entitled to will definitely help.  

    There are many possible discounts out there, including:

    • Safe driver discount
    • Discount for switching to paperless bills
    • Discount for bundling multiple insurance policies with one provider
    • Military discount
    • Smart technology discount
    • Loyalty discount


      Just because you might be entitled to a discount doesn’t mean that an insurance company will offer it up. Be sure to ask, because it’s your money on the line.

      Approximate savings: $25

      Total savings: $325

     

     

  5. Switch to Annual Payments

    Most people choose to pay their insurance premiums monthly, but by switching to an annual lump sum payment, you can save a nice chunk of change on your insurance costs. Easy, right?

    Approximate savings: $25

    Total savings: $350

  6. Protect Your Home

    Home insurance can add up, but you can actually find ways to mitigate your home’s risk and bring down your insurance premiums. Consider ditching any risky items that don’t get used anymore, like a trampoline or swimming pool, because these are red flags to insurance providers. You can also install an alarm system to help prevent break-ins. 

    Be sure to keep up with wear and tear; wind and hail are the most common insurance claims (as much as 45% of all insurance claims, in fact), so maintaining the exterior of your home can help prevent damage and costly claims. 

    Lastly, try to avoid filing small insurance claims on your home if you can. You’ll prevent your premiums from increasing and not filing claims for a number of years could qualify you for a discount. 

    Approximate savings: $75

    Total savings: $425

     

  7. Explore Your Healthcare Options

    Health insurance can be a large expense in most families, but foregoing it isn’t an option: after all, 58% of bankruptcies can be tied back to medical expenses alone. So how do you find ways to save on health insurance without scrimping on coverage? 

    Most importantly, stay in-network whenever possible. It allows you to take advantage of lower fees thanks to relationships that your plan has with providers in that network. By going outside of the network, you can be charged the full price of a service that your plan might not cover, leaving you on the hook for hefty out-of-pocket costs. 

    Secondly, explore the option of switching to your or your partner’s employer health insurance plan if possible. While you have less choice in the plan, your employer does foot some of the costs, which can save you overall on health insurance. 

    Approximate savings: $75

    Total savings: $500

Celebrate with Savings This Holiday Season

If any of this sounds too good to be true, rest assured it’s not. The insurance savings are out there, and they’re yours for the taking. So review your policy, trim the fat, and then feast on these sweet holiday savings. 

Another perk: making these changes will take less time than you’d think. In fact, simply comparing quotes takes less than two hours, according to 66% of Americans. And if that’s still too long, let ConsumerCoverage do the work for you by comparing quotes and getting you access to the best available rates. 

Now that you’ve figured out how to save money for the holidays while getting the home, auto, life, and health insurance you need, go ahead and celebrate. You’ve earned it!

Hollay GhaderyHollay Ghadery has spent 17 years working in content creation/management, brand development, and digital strategy. She's excited to be a part of the team at ConsumerCoverage as the VP of Communications. With a strong background in language and literature and an unfettered love for reading and writing, Hollay understands the power of clear communication and the importance of a strong narrative. From media relations and releases to social media messaging and marketing campaigns, Hollay works closely with the rest of the team to amplify ConsumerCoverage's brand narrative and target our brand impact. Have a corporate communication inquiry? Feel free to drop Hollay a line: hollay@consumercoverage.com.