Make Ends Meet: Lowering the cost of insurance

LOUISVILLE, Ky. (WAVE) - As people face the highest consumer cost we’ve seen in over 40 years, people across all genders and age groups are trying to find a way to cut cost on everything.

Everyone should understand the importance of insurance. A fee is paid to an insurer, who covers financial damages in case of any harm to the insured person or object.

What is hard to comprehend or figure out is how to get what people need at a price they can still afford.

Zelros, the first AI software dedicated to the insurance industry, found 60% of respondents in a new study they performed said insurance premiums are too high.

“Not a lot of people know this but there are ways you can bring down insurance cost,” Linh Ho, Chief Growth Officer for Zelros said.

Insurance is important, but for many, too expensive. Whether it’s for a person’s home, property, life, disability, health, or automobile.

“There’s more and more awareness that we should be revisiting our insurance on a yearly basis to see what changes we have done to help lower the cost,” Ho said.

Changes in our lives impact our insurance needs which can impact our insurance cost. Those changes can affect what a person is paying.

“If you’re not using your car as much, you can probably qualify for a lower-mileage car insurance,” Ho said.

Changes due to the pandemic have some people still working from home, or only coming into the office on a hybrid schedule. This could cause a person to drive less.

“You’re doing more exercise, or you quit smoking, or you quit drinking,” Ho said. “Those are things you can bring that could potentially lower your life insurance cost or health insurance cost.”

Also during the pandemic, people started working out or stopped smoking as health care concerns rose and became the focus of many people’s lives.

Families forced to stay home during COVID lockdowns also renovated and decorated their homes.

Here are some tips to help lower insurance premiums:

• Review your policy coverage regularly to look for those changes
• Make improvements on yourself and your property. Again, make sure to inform your insurance provider.
• Inquire about discounts and personalized coverage. Buying multiple types of insurance policies from the same insurance provider may make things more convenient, less complicated, and cheaper.
• Also consider paying higher deductibles. It is a riskier but cheaper option.

It’s a delicate dance to find a price that fits both someone’s wallet and their needs.

Look at the different types of coverage available and share personal information to professionals that might make a difference.

There are things a person can do to find the right coverage. It will take a little knowledge, time and thought to come to the decisions that may make a difference.

“From car insurance to home insurance there’s definitely ways to cut cost,” exclaimed Ho.

Copyright 2022 WAVE. All rights reserved.