There are so many different kinds of insurance one must have to live well and prosper that you may feel suffocated by all those premiums waiting to be paid. Fortunately, there are ways to save and keep some of that money in your pocket. With the six golden rules below you'll be able to save on your premiums.
1) Shop Around. While cheaper isn't always better, you can save money on insurance premiums by comparing rates at different companies. You can call around and get price quotes or you can use the internet to research and compare different companies. In fact, some companies reward internet shopping with a discount when you apply for insurance online.
If you don't want to do the groundwork yourself, you can hire an insurance broker. An insurance broker, unlike an agent who sells policies from a single insurance company, has a choice of many companies. A good broker should be able to help you understand the differences between policies and help you make an educated choice.
2) Raise Deductibles. If you raise the deductible on your policy you'll realize a savings on your premium costs. The deductible is the amount of money you will pay out before your insurance plan kicks in. Granted, a higher deductible means you need to pay more in the event of a claim, but you can set aside a 'rainy day' account with a portion of the money you'll save on premium costs, using that to help pay the deductible when needed.
3) Bundle Premiums. A lot of insurance companies will help you save money if you carry all or as many policies as possible with them. For example, you can save money by getting home insurance and auto insurance from the same company. Or, some small business insurance plans offer a bundled policy that covers liability, auto, and property insurances in a plan that's perfect for your business needs.
4) Stay With the Same Insurer. Insurance companies reward loyalty. If you are a valued customer that's remained risk-free you'll be rewarded with lower premiums and special discounts or benefits.
5) Remove Risk. A lot of companies reward customers that realize and relieve some of the risk involved in needing to file a claim toward your insurance. For example, you can receive discounts on home insurance by installing fire resistant components within the home. Building with brick or masonry are very attractive points for deduction. You can also receive discounts for installing theft deterrent systems, fire alarms, fire extinguishers, burglar alarms, and smoke detectors. If you're looking to buy, newer or completely renovated older homes can net up to a 25% discount on home insurance, depending on the age of the home.
The same risk assessment savings can be applied toward small business or car insurance. For small businesses, look into training for employees, installing theft deterrent systems, sprinklers and other options that will result in less risk and lower premiums. Cars with theft deterrent options are much more appealing to insure.
6) Review Your Policies Yearly. Reviewing your policies yearly can reap hidden premium savings. For example, if you've sold items your home insurance once covered, you may need less coverage, resulting in lower premiums. Perhaps you've changed business strategies, or reduced employees in your business. Or perhaps you've renovated your home or added theft deterrent systems to your business.
Many policies offer discount for retired citizens, so reviewing your policy when your life stage changes is important. With life insurance, if you've paid off a mortgage or have decreased your debt, you may need less coverage. Life insurance premiums increase with age, so having less debt and monetary needs to cover will result in a huge savings. If you don't review your policy regularly and make adjustments, you'll never reap the benefits.
SEIA (http://www.seia.com.au) has a collection of useful articles designed to help you better understand insurance subjects like
professional indemnity insurance and
public liability insurance.
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