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7 Hacks to Save Money on Insurance

10.28.2015 By Elliott Insurance Insurance News

It’s no secret that we all love finding little ways to save money here and there. Whether it be getting a better deal on a car to using fuel vouchers to save at the bowser, saving dough can be a satisfying feeling. Many people, however, may not know that by using a few savvy tricks and tools, they can also save money on the insurance policies they already have – from car insurance to home and contents and life insurance. Here we let you in on seven easy and often unused tips and tricks to help you sharpen your pencil in the insurance department.

Update any changes

If you move house, change jobs, give up smoking or encounter any other significant change in your life, let your insurer know. Updating your address can change the premiums for house and contents insurance (let alone ensures you are actually covered for the new house you are in!) as well as car insurance, as suburbs can dictate premium costs. Likewise, if you give up smoking, let your Life Insurance company know as this can reduce your premiums!

Inform your broker

Keep your broker in the loop with everything that’s going on in your life, because things like salaries, dependants, repayments and general living costs and budgets can change all the time. When these changes occur, needs for certain policies and/or inclusions can also change meaning you could save a buck here or there.

Get reviewed

It can pay to get all your insurances reviewed regularly as your broker can ensure everything is as it should be, and you’re not paying for any unnecessary cover that doesn’t apply to your situation anymore. Unnecessary cover equals unnecessary premium payments which are much better off in your pocket!

Know your policy wording

It’s important to know exactly what your policy means and will deliver you should you make a claim. If you don’t, you could be in for a nasty surprise come claim time, and you aren’t covered for something you thought you were. Ask your broker to run through it with you so you’re all across it.

Consider consolidation

Consider combining some or all of your insurance policies into a package, as some insurance companies offer a discount. Again, ask your broker first what the best plan of attack is.

Pay up annually

By paying your premiums annually, you can save quite a bit as opposed to paying monthly. Although it seems like a large up front payment, it means you don’t have annoying monthly debits, AND you’ve saved in the long term.

Increase your excess

Discuss this with your broker first, but increasing your excess (the amount you pay out if you have to make a claim) can decrease your annual or monthly premium. Of course, your excess will be higher should you make a claim, but your long-term premium expense could be lower. Worth a look!

Call Elliott Insurance Brokers today on 1300 635 315 to speak to one of our experienced brokers in Perth.