insurancebillsUS (12/1/2013) Over the course of their lifetimes, men and women can expect to spend thousands of dollars on insurance. People insure their vehicles, homes, health, lives, and a host of other things, and the cost of such security can be significant. Considered essential by many men and women, insurance is unlike any other product or service, as people will pay for it all the while hoping they never need it. That reality leaves many policy holders wondering if there are any ways to save on their insurance policies without diminishing their coverage.

Though insurance companies consider a host of factors when determining the cost of each individual policy, there are some ways that all men and women can reduce their insurance bills.

* Bundle your policies. Multi-policy discounts, which many insurance companies offer to policy holders who combine two or more policies, can save men and women substantial amounts of money. Purchasing homeowners', automotive and life insurance policies from the same provider saves consumers an average of 10 percent, and such a discount can add up to a significant amount of money over the life of your policies.

* Comparison shop. Though shopping for insurance might not be as fun as finding your next television or test driving cars, comparison shopping when buying insurance can save policy holders a significant amount of money. The cost of insurance often varies significantly from provider to provider, and consumers should exercise due diligence when looking to cut their insurance costs. Comfort level with an existing insurance provider should not outweigh the savings you might earn elsewhere, especially if another provider can offer you the same exact coverage at a much lower price. You may even be able to lower your existing policy if you contact your current provider and inform them you have received a more affordable estimate with another company.

* Consider specialist companies. A handful of insurance companies specialize in particular types of insurance. For example, one company might specialize in motorcycle insurance and might be more capable of tailoring your policy to your particular driving habits, offering you discounts depending on how many years you have been riding motorcycles. However, a more general company might simply lump you into one big group, meaning you're likely to earn similar rates as novice riders without your experience. There are specialist companies offering various types of insurance, so look into such companies if you have special needs or less popular hobbies that require insurance.

* Stop paying for duplicate coverage. Many people can trim some of their monthly insurance costs by combing their existing coverages to determine if they are paying for duplicate coverage. For instance, your auto insurance policy may include health coverage, but chances are your existing health insurance will trump the health coverage offered by your auto insurance policy, meaning you're paying for the same thing twice. Examine each of your policies to determine if you are paying for any duplicate coverage, and then contact your provider to remove such items if you find them.

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