Agent offers tips for saving on insurance bills

State Farm Insurance agent Gaylord Mussman has some advice for people who may be looking to save a bit of money on their insurance.

"Most multi-line companies offer multi-line discounts," Mussman said, "Those rates vary by company."

For instance, at State Farm, if you insure your car and add a life insurance policy, you will save 5 percent.

Car plus renter’s insurance will save 10 percent.

Car plus home owner’s insurance will save 17 percent.

Car plus home owner’s insurance that also includes a personal liability umbrella policy will save 22 percent.

"Package (policies) is where the industry is going," Mussman said.

If your car is paid off, you may be considering a change to liability only, or other reduced policy coverage.

"Always look at that, but it’s not always a slam-dunk," he said.

Mussman noted you have to look at your insurance premiums versus the actual value of the car.

"If you are spending 2 to

3 percent of the value of the vehicle, it’s probably worth it," Mussman said, adding, "If you are spending 8 to 9 percent, you may want to look at other options."

Meaning your coverage may be overly comprehensive for the value of the vehicle, and you may want to look at a higher deductible, to reduce your annual premiums.

Mussman also warned insurance shoppers to be wary of some single-line providers discounts, noting that to reach a maximum discount, your coverage may only be to the minimum state requirements.

In the event of an accident, if your coverage is not high enough, "the state can actually garnish your wages," Mussman said.

While you may have health insurance, Mussman also advised you may want to add a Health Saving Account to your arsenal.

"(An individual) with an HSA will be so much better off," Mussman said, adding if you build an HSA and are faithful to it, if the time comes that you need medical attention, that money will be at your disposal and will help or even eliminate out-of-pocket expense.