In these difficult economic times everyone is trying to keep some extra money. In an attempt to stretch our dollars a little further, we have all had to scrutinize our budgets a little closer. When reviewing your budget you will have no problem finding savings opportunities. As you review your monthly expenses you may be surprised where all your money actually goes. There are evident ways to reduce your expenses like packing a lunch instead of eating out, but there are also some categories that you may overlook. One significant category that often goes overlooked is the amount of money you are putting towards your Lansing MI insurance.

Regrettably Michigan has some of the most expensive insurance rates in the country. As a fellow Michigander I know firsthand the burden this places on the average family budget. Despite the high rates there are significant savings opportunities out there. You just have to know where to look. With a little bit of effort you can substantially lower the cost of your Lansing MI insurance bills. Let’s take a look at a few strategies to put more money back in your wallet where it belongs.

Strategy Number One: Raise Your Deductibles
Insurance companies are in the business of evaluating risk. For health insurance they are trying to figure out the chances that you may need medical care in the near future. When you purchase car insurance the companies are attempting to evaluate the risk that you will get in an accident resulting in a costly claim. The riskier you are, the more you will pay. An easy strategy to decrease the size of your Lansing Michigan insurance bill is to raise your deductibles. The deductible is the sum of money that you will be responsible to pay before your insurance carrier takes over. The higher your deductible, the less risky you are in the insurance companies mind. In return for the increased deductible they will reward you with a reduced Lansing MI insurance bill. The savings from this simple strategy can be significant.

Strategy Number Two: Change Your Habits
Health insurance companies reward healthy lifestyle choices like eating low fat foods and choosing to be smoke free. On the other hand, auto insurance carriers will reward you for being a safe, accident-free driver. Your lifestyle habits can play a large role in the rate you pay for your insurance in Lansing. Making healthy choices will not only benefit your overall well being, but also your bank account.

Strategy Number Three: Compare Lansing MI Insurance Rates Yearly
The third strategy is the most straight-forward and also the most beneficial. In order to calculate rates each Lansing MI insurance company has their own proprietary formula. Because of the variations in these formulas the rates vary significantly from one company to another. It is not uncommon to find rate discrepancies in the hundreds of dollars per year. I would highly recommend contacting an independent insurance agency once a year to compare rates. The benefits of working with an independent agency is the fact that they represent multiple Lansing insurance companies rather than just one. As a result they are able to evaluate the competition for you.

These 3 basic tips will help you put hundreds of dollars back in your wallet where they belong. Don’t delay, now is the time to lower your Lansing MI insurance bills.

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