16. Insurance Lesson Plan | How to save on insurance | Car | Home | Health

In this lesson students will learn how to save money on insurance premiums. The lesson is broken up into three sections; health insurance savings, care insurance savings, and home insurances savings.

What's Included?

1 page google document worksheet

How can I use this digitally? Watch here.

Everything you need to teach the following lesson

Lesson Outline:

Warm up - Direct students to talk with their neighbors, “ what would you buy if you  had an extra $1,000?”  After students discuss with their neighbors, allow student volunteers to share their answers with the class.

After students share, explain to the class that today will be learning about how they can save at least $1,000 a year by making the correct decisions regarding their insurance policies. Explain to students that we're going to start by learning about health insurance.  Although we've already learned about how health insurance works, this lesson is going to Target how we can save money on our health insurance by making the right decisions.  We are going to watch a short video that goes over some common mistakes that people make when purchasing health insurance and this could make a difference of thousands of dollars a year.  show students the video. by the end of the video they should understand the following:

1. People struggle to understand how health insurance works because of misunderstanding. Many people make mistakes and rush their selection process however if they would just spend time understanding the process they could potentially save themselves thousands of dollars a year.
2. If someone spends time reflecting on specific things they need in a policy and what is available to them they can save a lot of money on an annual basis by selecting the correct Health policy. 

Explain that another time to save money is on auto insurance. There are several ways to save on Auto Insurance. Show students video and ensure they understand the following:  

1. Consider raising your deductible although in the case of a claim you're out of pocket costs will increase your month-to-month payment should drop significantly by lowering your deductible if you feel like you're a safe driver and it's very unlikely that you will use that you will be paying out of pocket saving on your premium could be a good idea.
2. Understand what coverages you specifically need.  if you're driving a newer car it's probably a good idea to keep comprehensive coverage however if your car is older you could save a few dollars a month just by getting rid of things like comprehensive coverage.
3. Allow your auto insurance company to track your driving habits Often by using an app or a tracker you can save 30 to 40% on premiums just get by giving the company your safe driving data.
4. Finally compare insurance rates through other companies although it seems simple most people do not do it and most coverage options are very similar amongst top insurers make sure that you compare and look for the best price possible on your car insurance 

Home Insurance Savings: 

Explain to students that there's several great ways to save on home insurance as well show students the short video detailing Insurance savings options:

1. Bundling can save you money if you purchase insurance through the same company for car auto Etc they will offer discounts if you buy them all together.
2. Report Home Improvements any improvements to your home can change your premiums and save you money on a monthly basis.
3. If you work from home you can be eligible for a lower premium so be sure to report that if you do.
4. Finally work to raise your credit score the higher the credit score you have typically the lower insurance premiums you will have not just for home but also for auto and any other type of insurance you try to buy.

After completing the video activities give students the remainder of class to reflect on what things they will do to save money on insurance in the future they should answer the final box in a complete sentences by detailing at least three ways they plan to save on their insurance.

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Full Curriculum

Unit One - Budgeting and Saving

1. Budgeting and Planning GET LESSON ONE FREE
2. Short Term Saving
3. Medium Term Savings
4. Stocks, Bonds, and Mutual Funds
5. Stock Market Game
6. Choosing Mutual Funds and ETFs

Unit Two - Retirement and Other Tax Advantaged Accounts

1. Long Term Saving (Retirement)
2. Saving For Retirement (401k, Roth IRA, 403B, Traditional IRA)
3. Saving For Retirement when you are young
4. Saving for Retirement as a pre retiree
5. Education Savings & Other Tax Advantaged Accounts

Unit Three - Credit and Loans

1. Credit Scores and Report
2. Credit Cards
3. Buying a Car
4. Buying a Home and Mortgages 
5. Buying a Home and Mortgages
6. Home Values, Refinancing and Interest Rates
7. Good Debt v Bad Debt
8. Student Loans
9. Intro to student loans 
10. Is Higher Education Worth the Cost?
11. Student Loan Repayment
12. Payday Lenders, HELOCs and other types of loans

Unit Four - Insurance

1. Car Insurance, Home Insurance and Renters Insurance
2. Health Insurance
3. Health Insurance
4. FSAs and HSAs
5. Life Insurance
6. Saving on Insurance

Unit Five - Taxes

1. Tax Forms and Basics
2. How to File Your Taxes
3. Sales Tax, Estate Tax, Capital Gains Tax

Unit Six - Informed Consumer

1. Introduction to being an Informed Consumer (Wants v. Needs)
2. Being an Informed Consumer at Top Retailers
3. Being an Informed Consumer at the Grocery Store
4. Can you be an Extreme Couponer?!
5. Are sales worth it?
6. How to get the Best Price
7. Shopping for Appliances
8. Consumer Protection