There are a number of ways to lower your insurance premiums, and if you use them, you could save thousands of dollars a year.
Excess
Your policy will tell you how much you have to pay out of pocket for most claims. Your monthly premiums will be less if you choose a higher deductible. Most policies have an excess of between $750 and $1000. If your excess is $2,000, you won't have to make small claims during the year, which will protect your no-claim bonus and lower your premiums the next year.
Market Value
The amount of money it would take to buy something new always goes up. The only thing that isn't allowed is a car. Make sure you only insure your car for what it's worth on the market. The value of a car you bought 5 years ago will not be the same today. So, check with your broker or insurance company to make sure that you are only paying the market value and that it goes down every year.
Items in Question
Most insurance companies will tell you that you need to include certain things in your policy. i.e. - Jewellery, Glasses, Cell phones etc. Make sure that these things are taken off your policy if you no longer own them. It doesn't make sense to pay insurance on something you no longer have.
Security
By putting in the following security measures, you lower the risk of theft, which will cause your monthly premiums to go down.
Household
Burglar bars
Armed Response and Alarm System
Gates for security
Car or truck
Alarm, Keyless Entry, or Gear Lock
System for Tracking Satellites
Claim-Free Bonus
Your monthly premiums will go up or down depending on how many claims you make. The less claims you make, the less you have to pay. Most car and home insurance companies will give you a discount if you haven't made a claim in a while. Policyholders can get this kind of bonus if they have never made a claim.
