Life insurance, auto insurance, researching what coverage you need for that car you want to rent, travel insurance… our lives seem to revolve around protecting ourselves financially- and for good reason! You don’t know what’s waiting around the corner. One moment you’re minding your own business and the next you’re in a whole world of trouble.

In that case, we can think of insurance as just buying peace of mind. But we can’t help but ask ourselves if it’s always worth it. You have to remember that insurance isn’t cheap. If you’re planning on saving money, investing, or living more frugally, then it’s no wonder you’d want to cut costs!

Here are our 12 tips that will help you spend less money on insurance!

Extended Warranties

With every new, shiny electronic purchase comes the inevitable question: do you want to purchase an extended warranty? How many times have you heard this sales pitch? If you’ve also spent a long time saving up in order to buy the appliance then you might feel inclined to sign on the dotted line.

Take a step back, though, and think about your options. More often than not, this type of insurance is rarely worth the price. Most electronic products are reliable and you’ll also find that repairs don’t cost nearly as much as the insurance.

Some might say that you won’t get the same quality of repair but if you do your research then you shouldn’t worry at all. Unless you’re planning on ignoring all the red flags of a repair shop, you’re good.

Collision Damage Waivers

Collision damage waivers could be a huge waste of money for some people, so make sure to double-check if you really need one before purchasing this extra form of insurance. Just because rental car insurance is confusing doesn’t mean you have to pay more than you should.

They might try to convince you since the collision damage waiver will cover the loss of or damage fo the rental car. Sounds reasonable, right?

Check with your credit card provider first! Most major providers actually offer this sort of coverage for free. In order for it to work, you’ll need to use that card to pay for the rental, though.