Smart ways to save on insurance

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Looking for some simple ways to save on your home, contents, car or health insurance? We show you how!
Insurance is a necessary evil in life: it provides you with peace of mind, but it’s really only there to cover you in case something goes wrong.
And insurance premiums can quickly add up. Between home and contents, landlords, car, health and life insurance policies, you can be spending upwards of $5,000 per year to try and keep you and your family protected.
If you’re keen to trim your annual premiums without sacrificing any of your policies, Paul Modra executive manager, product and marketing with Ian Berry Insurance, offers the following tips:
Shop around
Firstly, shop around and compare different insurance policies to find one that suits you and your needs. “It’s not a case of one policy fits all,” Modra says. Make sure you compare apples with apples when you’re evaluating potential policies, such as similar excesses and similar inclusions.
Read the fine print
“Always read the product disclosure statement before purchasing any form of insurance and make sure that you understand exactly what it covers – this can save you big dollars down the track,” Modra says.
Boost your excess
Your excess is the initial amount you’ll have to pay yourself if you make a claim. For instance, on your car insurance policy you might have an excess of $500, which means that if you have an accident, you’ll be required to pay the first $500 towards repairs. “Some insurance providers offer variable excess, and the higher the excess you choose, the lower the premium you’ll pay,” Modra says.
Loyalty discounts
If you can, combine home, contents and car insurance policies with the one insurance provider, as “you may then be eligible for a multi-policy discount,” he says.
Use age to your advantage
“Some insurance providers offer full comprehensive car insurance at a discounted rate for more experienced drivers, generally over the age of 30,” Modra explains. So where possible, make sure you nominate the older drivers on your policy in an effort to reduce your premium.
Be boastful
If you’re a fabulous driver or you’ve never made a claim on your home and contents policy, let it be known! “If you’ve been claim-free for a period of 12 months or more, you may qualify for a no-claim bonus of up to 60% off the base premium,” Modra says.

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