SAVVY WAYS TO SAVE ON INSURANCE
Never renew without reviewing – here’s where to start…
LOOK FOR REWARDS
Is your insurance needing to be renewed? Now is the time to truly shop around and not only consider the price but also look into what perks might be available to help keep the cost of living pressures down. Some insurers, for example, will offer rewards or discounts on everyday expenses such as groceries. Another way to look for rewards is if you have multiple policies with the same insurers – you may get a discount if you “bundle”.
INCREASE YOUR EXCESS
versus the opposite. Excess is the amount of money you have to pay if you need to make a claim. “You may be able to save on your premium by increasing your excess,” it claims. And while you’re researching, find out if the insurer always charges an excess on car insurance even if an accident isn’t your fault.
PAY ANNUALLY
If an insurer offers a cheaper rate to pay annually than monthly, go for that option if you can afford to pay upfront. Alternatively, look for insurers that let you pay by the month at no extra cost.
CONSIDER WHICH TYPE OF INSURANCE YOU NEED
When it comes to car insurance, there’s a range of options worth revisiting every year. According to Moneysmart, the cheapest option, third party property damage insurance, might be all you need if your car’s not worth much and you can live without it. Of course, comprehensive insurance can save you money if you can’t afford to pay for repairs (to your or someone else’s car). And third party property fire and theft insurance might suit you if you park on the street. It will save you money if your car gets stolen.