Money Saving Tips to Consider When Taking out Insurance

23 March 2017

Gone are the days when staying loyal to your insurance provider would mean that you could save money. The new style of marketing from insurance providers has created an industry of money saving deals and discounts for new customers only. If you change every year you could receive a much better deal.

Insurance is a necessary evil, but when you receive letters saying ‘why is your insurance going up when you haven’t made a claim’ it really makes you hate the company. Therefore in an effort to fight back, Buckscoop is going to arm you with money saving tips and advice to bring power back to the people in the battle against insurance.

 

Canstar Blue Online Comparison

Don’t simply agree to the renewal fee of your insurance provider without having a look around. You could possibly save hundreds of dollars by performing quick search online and receiving quotes from several companies. Once armed with a few quotes use it to negotiate a better deal with your current provider first. If your current insurance company disagrees to match a competitor, consider the amount of money to be saved and the level of customer service expected from the two companies. This may be the difference between making a claim later down the line. However, generally, you can save at least 10% by purchasing a policy online.

 

Reputation

There is no point buying the cheapest possible insurance policy if you are going to be unable to claim when you need it. Canstar Blue is one of the best sources online to check up on your potential provider. If you would like to validate this information with a second source then Choice can be another great source of valuable information that we would highly recommend.

 

Potential Australian Car Insurance Providers

Browsing the Internet provided some interesting results for affordable, yet reputable insurance providers for car insurance. Below is a short list of some of the best I could find online that I felt offered a good balance between price and reputation.

 

House and Contents Insurance

Equally I did the same thing for house and contents insurance providers to help you off on the right foot to finding more affordable alternatives out there in the market.

 

Bundle

If you or your family own more than one vehicle or perhaps you have several toys that you would like insured e.g. boats, caravans etc. ask about bundling all of these into one plan to reduce the total cost. There are even certain insurance providers that allow you to bundle a cars plan with your house and contents to provide even more money saving.

 

Discount

Putting all insurance under one umbrella

Everybody has heard the story of somebody not receiving a pay-out due to a difficult insurance provider and that is exactly what they can be at times. Therefore there should be no reason why you should feel reserved when asking for a discount. Always ask for what discounts and incentives they have on offer, e.g. you should be eligible for a no claims bonus if going for a period of time without a claim. A loyalty discount is another area that you could save money, or the fact that you only cover low mileage by not driving very often. Asking the question could reveal a list hidden money saving opportunities you didn’t know about.

 

Excess

Finally, once you have found a good list of potential insurance providers, make sure you understand the amount of excess required if you were to make a claim. Typically these amounts sit between the $100 - $300 mark, however if you choose to opt for a higher excess amount then you can lower your premium. You could consider saving $100 per year for example if you chose a $500 excess instead of a $200 alternative.

If there is any valuable information you can share with our community the let us know in the comments section at the end of this blog post.

Insurance providers and the risk

TOPICS:   Money

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