Insurance Covers compiled a few suggestions that we believe will help you save responsibly on your insurance premiums.
Tip 1: Removing car rental from your policy could help you save money on your car insurance.
The cost of insurance. If your car is being repaired, you will have to arrange your own transportation.
Do you have more than one set of wheels in your family? Are you able to hail a cab or share a ride with a friend? If you answered “yes,” you should remove car rental from your policy. You’ll save money by lowering your monthly car insurance premium.
Tip 2: If you can’t afford comprehensive car insurance and your car isn’t covered by a hire purchase agreement, think about third-party insurance instead.
Replacing your own car is expensive, but having to replace someone else’s luxury car after an accident is even more so. If you can’t afford comprehensive car insurance, opt for third-party coverage. You’ll pay less and still be covered if you need to file a claim.
Install safety measures to save money on home insurance. Adding a linked alarm to your home’s security measures could help you save money.
Not everyone can afford to live in a security complex (though it is a big plus), but there are other ways to save money on home insurance. Consider additional security measures you can implement to protect your property and serve as a deterrent. Burglar bars, security gates, electric fences, or a linked alarm system are examples of such measures.
Tip 4: Don’t drive much? With SmartParkTM, you could save up to 20% on your car insurance premium.
SmartParkTM could save you up to 20% on your car insurance premium if you drive less than 15000km per year. Because if your car spends more time at home, you should pay less for insurance. With SmartPark, your insurance premium will be recalculated and discounted based on the revised number of kilometres you are likely to travel in the near future – all without requiring you to restructure your policy or jeopardise your coverage.
Tip 5: Combining your vehicle and home contents insurance may allow you to reduce your monthly premium.
While there are many smaller insurance providers that only offer niche products, such as only vehicle insurance, it is a good idea to insure with a larger company that can meet all of your insurance needs. For one thing, it simplifies the insurance process, but you may also qualify for a discount if you insure your car and home contents with the same insurance provider. To get a good deal, talk to your advisor or an intermediary about bundling your policies.
Tip 6: Getting all-risk coverage for specific valuable items is unnecessary if you never remove them from your home.
If your lifestyle has changed, you may not go out as much as you used to and may no longer wear your expensive jewellery outside of the house. Perhaps you are not travelling as much and are not using your photography equipment as much, or perhaps you are now working from home and your laptop is always with you. If this is the case, you should consider removing specified all risk items from your policy because they are already covered by your home contents policy. This could result in a reduction in your insurance premium.
Consider a voluntary excess on comprehensive auto insurance. In general, increasing your excess payment could result in a lower monthly premium. In the event of a loss, you must then be able to afford the higher excess amount.
Your premium will be lower if your excess is higher. Your insurance excess is the amount of money you must pay when filing a claim with your insurer. Most of the time, this includes both a mandatory and voluntary contribution. You can increase your voluntary excess if you have extra cash on hand. This will require you to pay more out of pocket, so make sure you can afford the higher excess amount. By doing so, you effectively shift more risk from the insurer to yourself.
What is the best way to save on your insurance premiums?
It’s simple! Contact Insurance Covers and Tell us about yourself and we’ll get back to you in minutes, or request a callback and we’ll come to you.
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