Many of us spend a lot on insurance, but never need it. Of course, it’s worth having just in case there is an emergency, but this security shouldn’t come at such a high price. If you’re sick of expensive insurance bills, why not try these seven tricks to help lower your rates.
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[ctt template=”4″ link=”xbq8m” via=”yes” ]Many of us spend a lot on insurance, but never need it. Of course, it’s worth having just in case there is an emergency, but this security shouldn’t come at such a high price. If you’re sick of expensive insurance bills, why not try these 7 tricks to help spend less on insurance?[/ctt]
You should always shop around for insurance every couple years. Insurers are constantly competing against one another for the best rate, so just because you got a good deal two years ago doesn’t automatically mean that it’s still the best deal now. Insurance comparison sites such as confused.com are handy to use.
Consider combo deals
You may also be able to save money by taking out a combo deal. Some insurers offer bundles that may include car insurance, home insurance and life insurance all for a cheaper rate than were you to take them out individually. There are also group insurance schemes to consider that cover multiple people – this might include vehicle insurance on multiple drivers or life insurance for the whole family. Another scenario is insuring a vehicle for both family and business use. You could find one with a search for cheap van insurance private use.
Consider customizable schemes
Some insurers may also offer customizable schemes that allow you to pick and choose exactly what you’re covered for. By not opting for certain incidents, you might be able to lower your insurance rates. Medical insurance, travel insurance and home insurance are three types of insurance where you may be able to find these types of plans.
Raise your deductible
The deductible is the amount you’re willing to pay out of your own pocket in the event that you need to make a claim. Raising your deductible can result in lower rates. Just make sure that you can afford this deductible if you do ever need make a claim.
Pay annually, not monthly
Most people pay monthly so that their insurance comes out in smaller chunks. However in most cases it’s actually cheaper in the long run to pay annually in bigger chunks.
Decide whether preventative measures are worthwhile
You may be aware of certain preventative measures, which may reduce your insurance rates by making you less of a risk. Whilst this is true in some cases, in may not be true for all insurance schemes. For example, installing a burglar alarm in your home usually will reduce your home insurance rates, however the cost of the burglar alarm may not always be worth the discount. It may depend on the type of alarm you’re using – sites like alarm-reviews.net might be useful for helping you to choose one that’s affordable but effective. Similar preventative measures may include locking your car in a garage to lower your car insurance rates or taking measures against floods in a high-risk flood zone.
Don’t protect your no-claims bonus
Some insurers offer a no-claims bonus, which may result in lowered rates for every year in which you don’t make a claim. This bonus is rarely anything significant however – given that the average claim could save you thousands, you’re much better off making that claim.
This is a contributed post.
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