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When paying less for insurance, it can be difficult to cover your belongings properly. In general, the less you pay, the less your insurers will cover you.  This article is geared towards helping you lower your insurances by offering tips and tricks to crush that quote and ensure you get the best deal possible.

In South Africa, there are many different types of insurance available including: life insurance, car insurance and personal legal liability insurance to name a few. There are also many insurance companies to choose from. One of the easiest ways to save money is to make sure you shop around. Check a number of companies and compare their rates so that you get a good quote. Also, make sure you take advantage of any online discounts offered.

Insurance Policy

Once you have found a quote you are happy with, don’t think that this is the deal for life. In the years to come, the insurance company you are with may change your rates. It is therefore important to look for the best deal on an annual basis as it can be very beneficial to jump from company to company (especially when you can save a small fortune).

Another way to save money is to get rid of any unnecessary coverage e.g. if you no longer possess your Gibson guitar, inform the insurer as soon as possible. Be careful however, as by lowering your coverage too much, you can easily suffer from being under insured. In such circumstances, this means that your policy will not cover the cost to replace any lost items. This situation can be avoided however, by simply storing valuables in a safe.

By increasing the amount of money you pay towards a lost or damaged item (excess), insurance companies do not have as much money at risk and as a result, can normally reduce the price of your insurance policy considerably.

‘Knock for knock’ is an agreement between insurance companies whereby, when a car is insured, both companies will simply pay the repair costs for their own client. This method keeps your premium low however, few companies offer this agreement as when an insurer pays, you lose your no claims bonus every time. A lower premium however could be more important than a no claims bonus in saving you money.

When discussing life insurance, a good way of lowering your premium is to give up nasty habits such as smoking. Smoking and drinking excessively can have an impact on your life expectancy. Some South African insurers will offer a premium credit if you can prove to them that you no longer abuse your body with smoking.

Lowering your insurance price is easy if you follow these steps, but increasing it is much easier, so be careful! Don’t be afraid to establish a good relationship with your insurer. You may find that asking for a discount could lower your premium. Whatever you are paying on insurance, make sure you are paying as little as possible because at the end of the day, if you are paying more than necessary, you are throwing your money away.


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