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Important to make smart insurance decisions

Posted On Fri, January 6, 2012

When trying to save money comparing auto and home insurance quotes, it is important to make smart decisions so the plan is sufficient and not lacking in coverage, according to the Insurance Information Institute.

Consumers who insure their home by using the house's price as a guide may not be considering the costs of fixing their home, which could be a mistake. Instead, it may be a smart plan to increase the plan's deductible, which could save a significant amount of money when it comes to the plan's premium, the report noted.

With vehicles, it is typically not wise to grab the minimum amount of coverage for a vehicle, as this could force consumers to pay a lot of money if involved in an accident. However, a good way to save is to get rid of collision coverage if the vehicle is much older and isn't worth a significant amount of money, according to the report.

"There are simple steps you can take to cut the cost of your home and auto insurance while continuing to be financially protected against a catastrophe," said Jeanne Salvatore, senior vice president and consumer spokesperson for the III.

For those who are unsure of what plan to select for their home or vehicle, it could be a good idea to compare insurance quotes, as it will help consumers select a plan that fits their needs.

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