Tuesday, September 19, 2017

Become An Insurance Expert With These 5 Tricks

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Many of us pay a fortune on insurance in order to protect ourselves against the unexpected. In some cases this insurance may be mandatory (such as vehicle insurance), whilst others may be optional (property insurance). Insurance companies know how to weigh up the risks in order to get the most money out of you, but this doesn’t mean you can’t beat them at their own game. By learning a few tricks you could save a decent amount on your insurance rates. Here are some of those tricks…

Save money with precautionary measures

There are many cases in which you can take precautionary measures, which make you less of a risk to insurers and therefore lower your rates. For example, when it comes to motor insurance, parking your car in a garage or fitting a wheel lock can save you a lot of money. There are times when precautionary measures may not be worthwhile however. The cost of renting out a burglar alarm for your home may not be worth the lowered property insurance rates that it gets you. That said, you may still find that a burglar alarm is a handy feature to have (also, it must be noted that some companies won’t even pay you out if you don’t have a burglar alarm).

Use comparison services

You should always shop around before taking out a policy. Nowadays there are plenty of comparison sites for doing this. There are even sites such as HealthInsuranceQuotes.co that can get quotes for you and weigh up various perks and applicable fees. It’s worth taking a look at these every couple years just to ensure that there isn’t a cheaper rate out there.

Use group policies

Sometimes you can save money with a group policy. This may insure multiple people under one policy, such as a family under one medical insurance policy. Alternatively, you may find an insurance policy that includes multiple types of insurance. For businesses, there are many business insurance packages that may include different coverage such as employer’s liability insurance, professional indemnity insurance and perhaps even business property insurance. There are even some general insurance packages that combine vehicle and property insurance.

Up your deductible

Your deductible is the amount you’re willing to pay out of your own pocket before claiming money from your insurer. Raising this can drastically lower you rates in many cases. Just make sure that if a disaster ever arises, you have the money to pay for this deductible. This could be a savings account with an emergency fund. Alternatively, you could pay with credit. The likes of CareCredit.com have zero interest cards that can be used precisely for this purpose.

Don’t protect a no claims bonus

Some insurers, particularly motor insurance companies, will have a no-claims bonus in place. This usually means that for every year you don’t make a claim, your insurance rates will get lowered. In the event of a car accident, some people will not make a claim so that they can continue to have lower rates. However, this rarely ever saves you money in the long run. Make a claim and get the compensation you deserve – it’s the reason we all pay insurance after all.

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