Young Singles

Last updated: March 30, 2016

What You Need To Know About Insurance

Auto Insurance

  • If you don’t own a car, stay on you parents policy. It’s cheaper.

  • Keep yourself up to date on payments. It keeps you safer, your history cleaner, and premiums lower.

  • Keep Costs Lower:

    • Look up premiums for different makes, models, and colors

    • As your assets grow increase your coverage to include them

    • Ask about “Accident Forgiveness” clauses

    • Get an old, cheap car and skip collision and comprehensive insurance

    • On older cars, make sure the collision coverage  doesn’t exceed the value of the car itself. If it does, skip it

    • Raise the deductible to lower your premium

    • Commuting on public transportation could lower premiums

    • If you don’t drive for long stretches of time, look into a policy with full or partial suspension

    • Take a defensive drivers course

    • Keep a clean driving record

    • Good grades can get you a discount

Home Insurance

  • Consider renter’s insurance

  • Smoke detectors and fire extinguishers can lower premiums and save lives

Health Insurance

  • Pay attention to what an employer offers, not just the pay

  • Better safe than sorry, know when you are covered and when you are not

  • Consider high-deductible major medical policies: they cover only catastrophic health costs, but are cheaper

  • Consider a Health Savings Account (HSA)

  • Consider buying disability insurance

    • Young people are four times more likely to be disabled than die young

    • Try to get a non-cancelable, guaranteed renewable policy

Life Insurance

  • Higher Premiums come from poor health habits (such as tobacco use and excessive drinking); marks on your driving record (accidents, DUIs, tickets); dangerous hobbies (such as skydiving)

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