Everyone is looking at different ways they can reduce their insurance premiums. There are different ways you can shape your plan, however there are also often simple things that can make your insurance company see you as “less of a risk” and therefore less likely to make a claim.
One of the easiest ways to lower your insurance premiums is being able to make your home more secure. Installing alarms that will alert the authorities means that you become less of a risk to make a claim, therefore lowering your premiums. Installing items such as deadlocks and bolt locks on doors will also help lower your premiums, as well as keep your family safe when they are home.
Don’t Round Up
When you’re going through your home and contents, or your business contents, be sure to evaluate everything correctly. For example, If you buy a piece of art for $80, don’t round the insurance claim up to $100, as you’ll pay premiums on what you have insured on record, plus, you might not even receive the claim as you’ve insured it for more than it’s worth and it could be considered fraud, so it’s just not worth it.
Buy what suits
You pay premiums on what you insure, so if you don’t need a 4WD car, don’t buy one and insure it! You’ll be paying far more than you need to in the long run. Buying a suitable car for your family means you will only pay what is suitable for you. Lower profile cars are more cost effective to insure, so if you’re thinking Ferrari or Ford, look at your lifestyle and choose accordingly!
Choose your extras carefully
It seems obvious, but you can tack on extras to your insurance premiums that you really don’t need in your situation. If you live in an area that has never been flooded before, you probably don’t need to add the flood insurance onto your premium. Sum up your surroundings and choose the appropriate extras, otherwise you’ll be paying premiums for extra insurance you just don’t need.