Insuring your assets like your home and car can get pretty expensive, and can have you questioning whether it really is worth paying that monthly premium while you could be doing so many other things with your money. But it’s possible to reduce your premiums. Here we look at ways in which you can save.

How to save on your car and house insurance:

  1. Shop around and compare quotes
    Shop around thoroughly and compare quotes before making a decision. This could save you quite a penny in the long run. Ask your current insurance company about any discounts that you are eligible for, and don’t shy away from asking them to match any lower quotes you’ve been given from other insurers.
  2. Maintain a good credit history
    The general rule of thumb is that the longer you’ve been with a company and maintained a good credit or payment record with them, the more inclined they are to negotiate premiums and maybe offer you a discounted rate.
  3. Invest in security measures
    Investing in security or anti-theft measures when it comes to both your car and home is always a win-win situation. Not only are you taking better care of your safety but this could have a direct impact in your insurance premiums. Insurers are more likely to reduce your rate if they know that your asset is more secure, as it is then seen as less of a risk. The key here of course is to notify your insurer about these measures and from there you can negotiate.
  4. Consolidate your insurance
    Sometimes there’s value in putting all your eggs in one basket. Having all of your assets insured or covered by the same insurer as opposed to multiple ones can save you money as this typically results in a lower total premium.
  5. Revise your excess
    An excess amount is typically the amount you are liable to pay when you make a claim on your policy. Increasing your excess is a way in which you can reduce premiums as you are taking some of the risk away from the insurer. This however would mean that in the event of an incident you would have to fork out more. It then becomes important to observe a savings pocket to cover the increased excess in the event of a claim.

The importance of having insurance in the event of anything happening can never be stressed enough, but this doesn’t always have to cost you an arm and a leg.