Lusting after speedy cars or expensive "toys" like a speedboat or in-ground pool can also cause your insurance rates to skyrocket or force you to purchase an insurance rider or an extra insurance policy.
Items such as "in-ground pools and trampolines can certainly add to a homeowners insurance policy because you've got a big liability," Barry says. That increased risk may require you to buy extra liability coverage, such as an umbrella policy, above the limits of your homeowners, auto and boat policies. The extra coverage kicks in when the liability on other policies has been exhausted.
Taking pride in your low insurance rates and boasting about how you have the best insurance company can keep you from shopping around and acquiring even lower rates.
"Pride in your insurance company may be well-deserved, but if you are trying to save money, it's always a good idea to shop around," says Walker.
Compare rates from various companies "particularly if you have a life change -- new marriage, new teen driver, improved credit; these are factors that could affect your premium and may be good times to shop your policy," she says.
Also, if you're healthy and have term life insurance, once the term is up, you could save money by shopping around. In some cases, healthy individuals can get a lower rate by reapplying for a new policy rather than automatically renewing an existing one.
However, both Walker and Barry emphasize that you shouldn't trade price for good customer service and a reputable company.
Being lazy about making your insurance payments could lead to cancellation.
"Excuses won't pay the bills if you let your insurance lapse and it results in policy cancellation, particularly if you get in an accident or you have a house fire without coverage in place," says Walker.
A lapse in your auto insurance coverage can lead to much higher rates, according to an Insurance.com analysis of car insurance policies sold.
Remember that your mortgage lender will require you to carry insurance on your home. Fail to do so, and you likely will pay.
"You definitely don't want to find yourself in a situation where you are required to get forced-place insurance," says Barry.
This type of insurance protects the lender, not the homeowner. However, the homeowner is responsible for paying the premiums, which typically are much higher than the cost of standard home insurance.
Tailgating that annoying driver or inflating a claim to "get back" at your insurance company may seem like a good idea at the time. But both could cost you in the long run.
Road rage that leads to aggressive driving is unlikely to benefit you in any way.
"That risky behavior can easily result in pricey tickets, higher insurance premiums and even jail time," Walker says.
Walker also urges that you resist the temptation to strike back at your insurance company for charging you what you view as excessive premiums. She says that "if you see dollar signs from a torched car or burned home or business" and illegally pad a claim, you are committing insurance fraud.
"That crime will land you in legal trouble at least, and at most, prison," says Walker.
More from Insure.com:
VIDEO ON MSN MONEY
Yep, the insurance company is your "best buddy" when you are paying THEM the premiums. But just file a claim and watch what happens to that "best friend" act...
When you boil it all down, Insurers are basically professional odds makers. Most of the time they win. but when they loose, they Whine, kick & scream and will try their best to get out of paying!!
Therefore, I have ZERO SYMPATHY for insurance companies!
Mitch, many think like you until they are in an accident, and then they thank their lucky stars the coverage was there at the time when needed most, then that tune of discontent changes. Yep, profit is what insurance companies are in for , yet they are just another business trying to make a buck, you know like Chez Nichole's Donuts and Chinese Food down the street. They just work with HUGE numbers so it looks like they are evil. If your interaction with them was a nightmare then it was you who made it so. As you mentioned they deserve the strictest of regulation, well they ARE regulated to the max. They cannot give you what you want, only what is due you because they must meet claim guidelines. "they put you back to where you were before the incident", which means you can't get that 42" flatscreen TV when a 19" black and white TV was stolen.
As for your remark about getting liability insurance for your car but only a homeowners policy for your house, well, a homeowners policy DOES provide liability coverage, plus contents coverage and building coverage and much more.. I don't know why you would only want liability coverage. That only covers situations when someone other than those who live there is involved in an accident, like falling down your steps, or slipping on the sidewalk, the dog breaking the neighbors glasses during a party at your place. I would think having coverage for someone coming and stealing everything out of your house, or a tree falling through your roof would be more important.
Time for a paradigm shift......
How about we set up a non- profit bonded brokerage that collects monthly payments from everyone and pays doctors directly. No middleman profits or restrictions, just a pool of money and doctors supplying what THEY think is right for the patient.
How can cheap be called a sin, unless you work for the S. S. and don't pay your bill to the girls, now that is a sin.
I don't see being fat a sin, going to ask my fat preacher about that, wonder what his answer will be? Envy keeping up with the Jones, the only Jones I know lost their big house, don't want to keep up with them.
The people who write for money are a bunch of pampered people, like thinking $5.00 is good for us and a few other things they write about. They need to come down and live in the real world, but this would be to much of a shock for them. I love reading these storys almost as good as dumb Sex and Cop shows on T.V. just entertainment, and good for a laugh.
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