How To Spend Less On Insurance

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Sick of high health insurance bills? Expensive auto insurance bills driving you crazy? You shouldn’t have to spend huge amounts of money on insurance – especially as you may never need it. Below are just a few ways to reduce the costs of insurance.

Shop around

Many of us stick with the same insurer year after year out of convenience. However, by staying loyal you could be missing out on great deals that are out there on the market. While loyalty can have its perks (such as allowing you to receive a no claims discount), you could still save money by switching and taking advantage of exclusive new customer deals. Insurance brokers such as this health insurance broker company can help you to shop around for deals. Spend your time collecting quotes in order to find the cheapest one. 

Bundle your insurance

In many cases, you can also save money by taking out insurance bundles. This could include auto insurance, home insurance, and life insurance all in one bundle. When it comes to business insurance, you can similarly save money by taking out bundles. Just be wary that some of these bundles may try to throw in insurance schemes that you may not necessarily want or need. On top of bundling multiple policies together, it may also be possible to save money by insuring multiple people under one scheme such as a family health insurance bundle. 

Raise your deductible/excess

Your deductible/excess is the amount that you’re willing to pay out of your own pocket before receiving compensation when making a claim. Selecting a high deductible can often lower your monthly rates. Just be wary of the fact that you will have to pay this amount of money in the event of a claim, so it could be worth having some savings set aside just in case.

Pay annually

You can often save money by paying your insurance annually instead of monthly. A single annual payment is usually equivalent to eleven monthly payments – so you’re almost getting a month free by paying annually. To help you make this payment, you could save up money over the year into an account as if you were paying monthly.

Be careful with job title wording

Your job title can affect your insurance rates. This is because working in certain jobs may expose you to more risks. Sometimes it’s possible to use alternative wording in order to reduce the cost of your insurance. You can find a few examples of this here in this article.

Talk to someone over the phone

Many insurance companies allow you to get a quote online. However, you can often get a cheaper quote by talking to someone over the phone. This is because insurance agents on the phone may have access to exclusive discounts. By telling your agent the ideal price you’d like to pay, you may find that you’re able to negotiate the price down. 

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