TEXAS, USA — Inflation has hit everywhere, from gas prices to the cost of food, to your electricity rates. You need to look anywhere in your budget to save money. And insurance can be a big bill when it comes to your cars, your property and your health.

So, when you shop for insurance, should you look for individual policies, or will you save money if you bundle? 

Certified Financial Planner Neil Vannoy told 6 News, “You often hear insurance companies tell us that we can “bundle and save,” and that’s actually true. One of the best ways to save on insurance is to hold all of your insurance policies with a single company.”

It can be annoying, but Neil highly recommends that you actually contact many different companies. Neil says, “It’s important to get quotes for each type of insurance you need from every company you’re considering when you shop around. It’s the overall cost of all of your insurance that matters, not the cost of each individual policy.”

As a reminder, it’s all about your bottom line, and how much money is going out each month, Neil explains, “For example, you might find that a company charges a lot more for an auto policy than your current company, but if they charge less for other polices you need – like homeowners or renters insurance, motorcycle insurance, or umbrella liability insurance – you might still save money by switching companies.”

Neil also says to do an apple to apples comparison, but there are other ways to get creative to save money on insurance costs. Neil told 6 News, “Increasing your deductible is a way to reduce your insurance premiums but be sure that you have enough cash to cover the deductible if you do need to use your insurance.”

So you may be asking, what about all the advertising that we are inundated with when it comes to insurance companies? 

Neil says, “There’s a well-known insurance company that advertises that they customize your coverage so you only pay for what you need, but that’s something you can do with any insurance company. Review your policies and make sure you actually need all of the add-ons. For example, I don’t pay for rental coverage because I’m willing to pay for it out of pocket if I ever need a rental while my car is being repaired, and declining that coverage saves me money.”

There are other ways to save money. Be sure to ask for discounts based on group affiliation like AAA or university alumni programs, military service, or for being a student or senior citizen.