Insurance an overlooked way to save

GREENWOOD VILLAGE - Many people are on a tighter budget these days, but there's one area of personal finances they often overlook - insurance. It's estimated that most people could save 20 percent on home and auto insurance if they spent a little time on some simple steps.

"I think a lot of people are 'Oh, I'll do that next week,' but really right now when we're trying to save money on everything from milk to gas, taking a look at those insurance policies just makes sense," said Carole Walker of the non-profit Rocky Mountain Insurance Information Association.

Walker offers a few tips to save on auto and home insurance.

* Shop around. Get at least three different price quotes.

* Assess your deductible. If you're willing to pay more out-of-pocket when you file a claim, you can pay much less each month.

"More and more people are putting that deductible at a thousand dollars for their homeowners insurance because filing small, frivolous claims can put you in trouble as well," said Walker.

* Take advantage of good credit. Many companies offer better rates to those with good credit histories.

* Check into a multi-policy discount. You can often save by having auto, home and other insurance policies with the same company.

* Consider a driver's training course. Some insurance companies offer discounts if you brush up on your skills.

* Ask about other discounts. You might get a break for a safer home or car, a clean driving record, being over 50, or being married.

"Companies are getting a lot more creative about discounts that they're offering folks. One company offers new parents a discount because they were found to be lower risk when they have a child," said Walker.

Walker also adds that consumers should not just shop for the lowest price. She reminds them that customer service really matters when it comes time to file a claim.

For more information about ways to save and what to consider when buying insurance, visit www.rmiia.org.