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Texas Department of Insurance
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How to save money on insurance and health care

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These six suggestions can help you trim your insurance costs and stretch your budget.

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  1. Change your auto coverage

    Tell your insurance company if you’re working from home and no longer driving to work. It could mean a discount.

    If you aren’t driving as much, ask if your insurance company offers a pay-by-mile policy that would save you money. You could also consider cutting some extras like towing insurance or rental car coverage.

    Do you have collision coverage on an old car that's paid off? Make sure the value of the car is worth more than you’re paying for that coverage.

    Do you have gap coverage on your car? You can cancel it when you owe less than your vehicle is worth. This usually takes about two years. Compare how much you owe on your loan with online car value guides. If you pay off your loan early or sell the vehicle, it’s time to cancel the policy.
  2. Consider your deductible

    Switching from a $500 deductible to a $1,000 deductible can save as much as 20% on your insurance premium. But remember that a higher deductible means you might have to pay more out-of-pocket if you have a claim. When deciding what deductible is right for you, think about how much you can afford to pay if your car or home are damaged.

    If the cost of repairs is about the same as your deductible, you might not want to file a claim. Auto and home insurance companies can raise your future premium after you make certain claims. That is, a small claim could end up raising your premium.

  3. Choose low-cost health care options

    Your health plan or doctor’s office may offer a free nurse line or online chat feature. Also, some plans don’t charge a copay for some virtual visits. Knowing your care options and the costs can help you save.

  4. Report income changes to Healthcare.gov

    If you bought a health plan through Healthcare.gov and your income has gone down, you may qualify for a higher subsidy. You can report changes using Healthcare.gov's online form.

  5. Ask for discounts

    Your auto insurance company might have a discount for people driving less during the pandemic, or your home insurance company might have a discount for installing a new alarm system. If you have extra time, take an online safe driving course that might qualify you for a discount on auto insurance.

  6. Shop around

    Been with the same insurance company a while? Shop around! Lots of online tools will compare prices for you, and you might get a discount from your current company if you let them know you’re looking around. Get tips for finding an insurance agent and red flags to watch out for.

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Last updated: 8/8/2022