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How To Save Money On Insurance: A Quick Guide

How To Save Money On Insurance: A Quick Guide

by Mr. Moneysaver · May 2, 2012

When finances are tight, insurance is often the first thing to go: after all, as long as an “insured event” doesn’t occur, such as a car accident or home flood, then we’re effectively paying money for nothing. However, the savvy among you will always think about that “what if”: and realise that it could prove a massive false economy to abandon insurance altogether.

So can you get the best of both worlds? Can you get the insurance cover you need without paying over the odds? Here we offer a quick guide to insurance savings.

Make the market work for you

Just turn on a television and watch the commercials: chances are that every advertisement break will include at least one commercial for an insurance company: or possibly many more. That’s because the market is highly competitive with literally hundreds of providers to choose from: so make that market work for you.

For example, did you know that RTE reports that for a 27-year-old couple in Ireland there is a difference of €6,392 between the highest and lowest mortgage protection policies. As such it’s vital you shop around no matter what type of insurance you’re looking for: and price comparison websites make this process easy. They can compare hundreds of quotes from insurers with one simple search whether you want car insurance, home insurance, life insurance or more. Remember to look for voucher codes at Moneysaver.ie too for occasional insurance savings.

Do bear in mind however, that comparison websites should not be seen as the “be all and end all”. Many leading insurance providers refuse to include their quotes on comparison websites – and so you might still be able to get a better deal by approaching them directly. If you’re smart, then you’ll get a quote from a comparison website – and then take this offer to another leading insurance provider to see if it is willing to match or beat that offer. Also remember to look beyond price alone, and ensure that you’re getting the level of cover you need for the quote you’re given: make sure you check a policy’s terms and conditions carefully.

Be pro-active to pay less

It’s not just about getting insurers to compete with each other: it’s also about being pro-active and doing all you can to lower the “risk” you pose to an insurer in order to get a better deal.

For example, did you know that by quitting smoking a 49-year-old female looking for a life insurance policy with cover of €160,000 over a 15-year term could save as much as €6,003; while a 49-year-old male could save €8,927. If you don’t think you can adjust to a healthier lifestyle, then what about parking your car in a garage at night; fitting new security devices to your home or car; or agreeing to a mileage limit; all of which could lead to insurance savings.

Filed Under: Insurance, New Car

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