Travel

How to Keep Your Insurance Costs Down

15/01/2021

How many times have you asked yourself: should I buy insurance (for your valuables, your home, your trips, your health) or not? Should I take a risk and save money or be prepared in case of accidents or thefts? I always opt for the latter: buy insurance to protect myself. Of course, this can be very expensive. So here is a guide on how to keep your insurance costs down.

A jar full of coins

Photo by Josh Appel

Four tips to lower your insurance bills

Insurance is an important part of life, protecting your assets and wellbeing. However, quality coverage can often be expensive, as many people pay to insure their homes, cars, and even their own lives! Soon enough, these costs begin to add up, and unless one is adequately prepared, this whole process can quickly become all consuming. 

Still, there are a variety of sure-fire ways to trim those expenses to a more affordable sum. But what methods are these? Are they easy to follow? 

If you’re struggling to juggle all of your insurance costs, then the following tips might help relieve this burden. 

Office desk set up - business top shot

Photo by Tyler Franta

1. Work the Right Job

Did you know that some insurers will review your work history to assess your riskiness behind the wheel? The Telegraph reported last year that car insurance policies could vary by more than £200 depending on the recipient’s profession and employment status. Of course, it’s not reasonable to uproot your entire career solely for the sake of cheaper insurance, but if you’re working a job that you’re not particularly fond of already then this could be an extra incentive to change direction. 

When it comes to car insurance, the employment vs price factor can be because some professions seem to carry more risk or involvement with driving, with insurer’s data linking certain kinds of workers to higher accident rates. Riskier drivers can sometimes be found in delivery services, for instance, because some of their number rush and race along the roads and thus seem to be more prone to accidents. Professional drivers will also have a higher mileage count. The higher the likelihood of such things, the more you will typically pay. 

Fiat 500 car in Chelsea, London

2. Switch Policies

When it comes to utilising insurance at full cost-effectiveness, mobility is absolutely key. 

The BBC published a report two years ago about a pensioner from Kent who had resolved to stay with her home insurance provider for the long haul. Her 10-year loyalty caused her premiums to rise from £1,500 to a staggering £3,500, making her one of one of the six million people who pay £200 upwards too much for their coverage. It’s a shocking state of affairs, and sadly it is often elderly and vulnerable people who are fall for these unjust arrangements. And so, it’s important to periodically switch policies (on things like home insurance) to keep costs low. It’s time to take matters into your own hands and secure an arrangement that works in your favour. 

Insurance is incredibly important, and it is important to stress that there are many incredible providers out there. However, it’s also a vast field to navigate and often you need to be able to read the fine print and really know what it is you are signing up for. It takes some time to orchestrate the right deals for you, but switching policies is undoubtedly worth it in the long run. 

House in Fanshawe Pioneer Village, London, Canada

Photo by Scott Webb

3. Shop Around

Often, insurance can be a sneaky supplement that gets discretely added or suggested atop a purchase you have made. 

For example, if you’re planning a family holiday, the travel agent who helps arrange your itinerary will surely suggest insurance to you so that you can travel without worries. If you’re a booking a flight online, you will get asked to pay extra for insurance. Or should you purchase a machine of any kind, the seller might passionately bury you under a pile of suggested warranties. They can seem helpful at first, and while it seems convenient, these orchestrates kinds of deals don’t always provide the best value for your money. 

Travel documents, passport, boarding pass, bank cards, etc.

Always get travel insurance before you travel | Photo by CardMapr

It’s always a better idea to shop around when parting ways with your hard-earned cash. For example, if you need cheaper van insurance, then see if you can get a cheaper deal here. Quotezone waste no time in getting you clued in on all the latest news, advice, and of course, quotes! You can use the site to compare quotes from over 60 different providers, helping you to align yourself with the best policies going. 

4. Utilise Technologies 

The rapid developments in technology have had a significant impact on insurance. 

For example, the BBC recommended the use of certain technologies to cut down your insurance bill. One such device is the black box, a feature in your car that can read and transmit your driving habits to your insurer. It proves that you utilise your vehicle safely and responsibly, and thus aren’t much of a risk on the road. Subsequently, they should adjust the cost of the insurance. 

Man holding a smartphone

Photo by freestocks

The dash cam (like CCTV, but for your car) is also worthy of a mention. While they are likely to record hours of mundane footage, if an accident occurs that wasn’t your fault, then the feed can prove just that. It’s always a good idea to record accidents and incidents so that you have irrefutable evidence to back up your claims.

Removing all room for doubt is the only viable path forward, saving you time and money with all the enquires and investigations that would otherwise follow. 

Disclaimer: this is a collaborative post.

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