Here are a few simple tips for how to save money when you buy insurance for your house, car or any other item that you need to insure.
- Look around for different insurance companies every year: this will save you thousands of pounds. Looking for the best deals will always end up with finding something useful. This tip does not apply just for home and car insurance, but also for things like internet, cable and phone.
- Do not fall for the high deductible options- at the end of the day they won’t really do you a favor, unless you have an incredible luck. Therefore, the risk is not worthy.
- Make sure your home insurance is the right amount: often it may happen that owners insure their properties for less. The coverage cost should be based on the cost to rebuild new, not the mortgage price or market value of the house. When calculating the amount to rebuild the whole house again, it should always include the debris removal. Do not be influenced by the value of a similar house on the market.
- It is always worth getting a few different quotes: 4to 5 would be a good number and would give you a good basis for comparison.
- Try to insure your car and house with the same company: if this option is possible, it will always save you more money that insuring them with two different companies.
- Where possible, try to pay 6 months at a time for car insurance, instead of monthly payments: this will save you a great deal of money.
- You might be interested to try the new Snapshot device- when you plug it into your car’s diagnostic port in the steering wheel, it is able to measure the miles/kilometers you drive; the time of the day and how many times you slam the brakes. It will help you see when it is a good time to reduce your premium.
- Let your home insurance know of any major repairs that you have done recently: if you have replaced your roof, home wiring and a security system and you let your insurance company, you might have the chance to receive a good premium reduction.
- Be aware that nowadays most insurance companies use aspects of your credit to determine your rate: if you have a good credit, this might be in your advantage. You have the right to ask for a re-check on your credit score once per year.
If you follow these simple tips, you might save a good deal money on insurance. It is always worth trying!