Quite often you may think to yourself how much you could save if it weren’t for your insurance costs. And it’s true- every year Australian’s shell out more than $72bn on insurance, constituting a huge corporate industry. However tempting it may be to cut back or cancel out on your home, health or travel insurance, there are other ways to cut back. By taking a close look at your policies and premiums you may find a host of potential savings.
In cases such as this, you can cancel your mobile phone insurance and eliminate the luggage component of future travel insurance.
However if you do decide to buy an extended warranty, it’s worth investigating independent warranty providers offering better rates.
Without undoing the fundamental purpose of insurance, it’s worthwhile considering paying a higher excess in order to lower your overall premium. If you have top-notch security and are a safe driver, you may feel it’s time to capitalise on your record.
Improving your home security could significantly reduce your home insurance premiums. One example of having a new alarm installed which is linked to a police station can reduce your overall costs by 10% or more.
Please note that by switching to basic third party, your car will only be insured in the event of fire or theft. And neither you nor your car is covered if you have an accident that’s your fault.
6. Never settle!
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