John Vaughan (Financial Advisor) @ Lucid Living
1. Use one company for all your insurance needs. According to editors at Bankrate.com, combining things like homeowner’s insurance, cell phone insurance and multiple vehicle insurance policies into one comprehensive plan can save you a lot of money.
2. Don’t pay twice for the same service. Many car insurance value added services include emergency assistance. So do many cell phone plans and club memberships, like AA. Find out what extras are raising the cost of your car insurance and remove them. Product bundling is prohibited by the Consumer Protection Act – you cannot be forced to take products you do not want.
3. Understand your life insurance benefits. If you’ve got good life cover insurance, it may cover risks that you’re paying for on your car insurance policy. Many car insurance policies include disability cover, which is also covered under life policies. Lowering these benefits won’t leave you any less covered, but it will make your car insurance cheaper.
4. Make sure you have sufficient funds in your bank account for the monthly debit order. Most insurance companies charge a penalty fee if the debit order is unsuccessful.
5. Change insurance companies. If you are unable to find new discounts or lessen your coverage to reduce costs, you may want to consider changing companies. Get several premium quotes and compare them with your current policy to make sure you’re getting everything you need.