Great Value Insurance can help with these 6 easy ways to reduce insurance premiums. This article gives 6 simple ways you could try, to start saving today! The best part I have left till last, so make sure you read to the end. Consider these six proven ways to manage the cost of your insurance and start saving:
1. Increase your excess
One way to reduce the amount of the premium you pay is to agree to take on a certain proportion of the risk by increasing your excess. Many insurance policies allow you to specify an excess. In general, a higher excess will mean you pay a lower premium.
2. Lower your risk
Many insurers will offer you a cheaper premium if you take steps to lower your risk. You may receive a discount on your home and contents policy if you have security devices in place such as window locks and deadlocked doors. In some circumstances, insurers may not offer you a policy unless you have taken reasonable steps to lower your risk. More information can be found here on managing your insurance risk.
Understanding Insurance is a great site for customers to find out more about insurance. Understand Insurance is an initiative of the Insurance Council of Australia.
3. Talk to your insurer
Providing additional information to the insurer about your specific risk may also allow your premium to be reviewed. You can also ask your insurer about how you might be able to lower your premium. You can give us a call today to find out more.
4. Shop around
Each insurer will offer products that differ from those offered by other insurers, with variations in the coverage, the terms and conditions, exclusions and costs.
5. Ask if you qualify for any discounts
Some insurers may offer discounts such as a no claims or multi-policy discount if you have two or more policies with one company.
6. Pay your premium annually
If you pay your premium by installments it generally costs you more than if you choose to pay your premium in one annual lump sum payment. I understand this can be difficult but the savings can be well worth it.
Is saving a challenge?
Below is a great infographic from ASIC explaining the Do’s and Don’t of Successful Savers.
