How To Keep Insurance Premiums Low

How To Keep Insurance Premiums Low

There is often the misconception that all insurance policies are extremely expensive. Many people do not even consider the possibility of taking out the likes of life insurance and health insurance, as they simply assume they will not be able to afford it. However, this is certainly not the case.

Generally speaking, there are some sorts of policies that are more expensive than others, for example, international health insurance is more expensive than local insurance. Nonetheless, this is because you gain from more cover and a greater degree of benefits. It is all about value. Yet, this doesn’t mean you have to break the bank in order to take out this type of policy. Discover various ways you can keep your premiums low, no matter the policy you are taking out…

Pay On A Yearly Basis – If you can afford to pay annually rather than monthly you will be able to make savings. There are a lot of insurance providers that offer substantial discounts for anyone that makes yearly payments.

Consider Increasing Your Excess – Excess is the amount of money you need to pay before your insurer will cover you. If you increase your excess you will benefit from lower monthly payments. Needless to say, this does not mean you should increase your excess to an unmanageable amount. You do not want to find yourself in a situation where you need health care or a vehicle repair yet cannot afford to pay the amount required of you.

Low Cover – When choosing a policy, you will have the option of basic, intermediate or comprehensive cover. You need to think about the level of cover you truly need. Do you really need a comprehensive cover? Yes, for vehicles, you probably do, but for health policies, you may not. It is also worth noting that young driver insurance without black box can be a bit more expensive, but a lot of people prefer this because they don’t want all of their driving to be tracked. You really need to figure out what is important for you and compare quotes based on this, but don’t pay for unnecessary extras.

A Group Scheme – Group schemes present excellent saving opportunities. Consider joining a group scheme or you could even create a new group policy yourself. All of the members of the group scheme will reduce the amount of money they pay on their insurance and so it should not be too difficult to generate interest.

So there you have it – four key points to take into account if you want to keep your premium costs low. You could also think about switching your insurance provider when the renewal period arises.

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