SEATTLE - A sagging economy can significantly affect your personal finances. However, there are ways you can put money back in your pocket by saving on your Auto and Homeowners insurance.

"There is strong and healthy competition for Auto and Homeowners insurance customers in the Northwest," said Karl Newman, NW Insurance Council president. "That means companies are working hard to earn your business - giving you a large number of companies to choose from. Shopping wisely will ensure that you get the coverage and pricing that best meets your needs."

NW Insurance Council offers some tips on how you can lower your premiums and save money during these tough economic times:

• Comparison shop. Prices for the same coverage can vary by hundreds of dollars, so it pays to shop around. There are many auto insurance companies to choose from. Get at least three quotes and compare costs and customer service.
• Consider dropping collision and/or comprehensive coverage on older cars. It may not be cost-effective to continue insuring card less than 10 times the amount you would pay for coverage. Any claim payment you receive would not substantially exceed your premiums minus the deductible. Auto dealers and banks can tell you the worth of a car, or you can look it up online at Kelley Blue Book.
• Buy your home and auto policies from the same insurer. Some companies that sell Homeowners, Auto and Liability coverage will take five to 15 percent off your premium if you buy two or more policies from them.
• Take advantage of low mileage discounts. Some companies offer discounts to drivers who travel a lower than average number of miles per year. Low mileage discounts can also apply to drivers who carpool to work.
• Ask for higher deductibles. By requesting higher deductibles on Collision and Comprehensive coverage, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your Collision and Comprehensive costs by 15 to 30 percent.
• Ask about other discounts. Companies offer many types of discounts, but they don't all offer the same discounts. It's important to ask your agent or company representative about any discounts available to you.
• Create a family financial portfolio so you can examine your current situation and monitor your financial goals. NW Insurance Council, in partnership with the Insurance Information Institute, offers My Financial House, a free, downloadable financial management software package.

For more information about how to lower your Auto and Homeowners insurance costs, contact your agent or insurance company or visit http://www.nwinsurance.org/in_save.htm.

NW Insurance Council is a nonprofit, public-education organization funded by member insurance companies serving Washington, Oregon and Idaho.

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