Don’t be taken for a ride, shop around when renewing home or car insurance

If I told you that you could earn several hundred dollars just by making a few quick phone calls, there’s a decent chance you’d jump at the opportunity.

So then why is shopping around for a better home and contents or car insurance policy usually thrown in the ‘too-hard-basket’?

Sure, it’s easy to be complacent when you already have a policy in place.

But by calling just three or four insurance companies, getting quotes, and then comparing, you can save hundreds of dollars.

Here’s how in seven simple tips.

1. Get three quotes

Get at least three quotes to compare with your current premium. Comparison websites can help, but don’t often include all available policies, so it’s better to reach out to the insurance companies directly instead.

2. New client deals

Look around online for deals that specifically target new clients. These deals can offer discounts for new business or provide annual rates as opposed to monthly ones.

3. Review your cover

Take a moment to see if your house (or car or possessions) have grown or decreased in value over the past year. Don’t just accept the same level of cover from last year, circumstances change and insurance policies should reflect that.

4. Check level of cover and excess

Once you have your quotes, look over your existing coverage and weigh up the difference between that policy and the cheaper policy you’ve found. That’s because cheaper doesn’t always mean better. Everyone’s situation is unique, and the policy with the higher premium might just have coverage you can’t afford to forego.

5. Look for hacks

Some insurers will reduce your premium if you take extra steps to mitigate the chance of a claim. Examples include ensuring you park your car off the street, installing an alarm, or putting deadlocks on windows and doors. So read the fine print to see if you can score additional savings.

6. Bundle insurance

Look to see if you can get a discount if you bundle your compulsory third party insurance with your home insurance. While many recommend you go with two different insurers, it’s still an option worth exploring.

7. No claims discount

People with good driving records may be offered a ‘no claims discount’ by their insurer. This is a reduced premium for drivers who haven’t made a complaint. Be sure to check policy details and understand what factors what can impact a claim.

Let’s Talk

Insurance coverage tends to be a ‘set and forget’ expense. But that should not be the case, as renewal times offer an opportunity to make sure you’re getting the best deal.

If you’re serious about comparing your options, and need a bit of help, schedule a time with us to talk and we’ll work on it together.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without the prior written consent of Finance Matters, which is where this article also appeared.

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