A good insurance package is necessary but can be expensive if you’re not careful. In order to reduce your premiums there are some steps you can take:
1. Pay annually. If you pay your full annual payment in advance you’ll get a discount! This can make a big difference to your overall insurance costs, so look at budgeting for you annual premiums and pay them in a single lump sum.
2. Increase your excess (deductible). This means you will have to pay a little more in the event of a claim, but you will be able afford significantly higher levels of cover for the same premium.
3. Combine policies. If you have homeowners insurance, vehicle insurance, life and health insurance you can usually get a significant discount on the premiums by having two or more types of cover with the same insurer. Discounts of 10-20% are not uncommon across ALL of the policies.
4. Avoid high risk vehicles. Cars that are attractive to thieves or very expensive to repair attract higher premiums.
5. Don’t duplicate cover. If you have other insurance covers, it’s possible there is some cross over between them, and this is inefficient – costing you unnecessary premiums. If you have medical insurance for example, this may cover you for your injuries and those of your passenger if you are at fault in an accident.
6. Get safety and security equipment. This will help reduce your vehicle presents to the insurer and result in a lower premium.
7. Compare insurance premiums from multiple insurers. This one step will save you more than anything else. Not all insurers are the same, and not all charge the same premiums. Getting quotes from a few insurers can make a huge difference to your premiums.