Money Hack: How seniors can save money on insurance

Richard Laycock 14 February 2018 NEWS

Relaxed seniors travelling and looking at smartphone

Discounts galore are available to seniors if you know where to look.

Finding an extra couple of dollars here and there is great for anyone. That is doubly true if you're retired or living on a fixed income.

But, where can you find these magical extra dollars? It's not like they're just lying around undiscovered, right? Wrong. If you're a senior and don't have any active discounts in place for any of your insurance products you're missing out.

So, who wants some discounts?

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The hack

There are various ways for seniors to save on insurance products in Australia. First, you can save on travel insurance just by having a seniors card. If you have an active Seniors Card, you can save 15% on travel insurance with InsureandGo and 10% off policies from Fast Cover.

If you're a National Seniors member and are looking for health insurance, you can save 6% if you take out cover with nib and choose to have your premiums paid via direct debit.

Want to save money on insurance for your pet? If you're a pensioner or an Australian senior over the age of 60, you can get a 10% discount on the lifetime of your pet insurance policy with PetSecure. Australian Seniors also offer a 10% discount on its pet insurance policy for those over the age of 50.

If you have a Seniors Card, there are also discounts of 10 to 30% off Australian Seniors standard insurance rates for a range of products.

Even without these memberships, you can save on insurance just by shopping online. If you're after home and contents insurance from Budget Direct, ING, Virgin Money or Woolworths, you can save up to 30% when you bundle your home and contents insurance online.

One last way seniors can save on insurance is by taking out a car insurance policy that offers restricted driver discounts. If you nominate that no driver under the age of 50 will be behind the wheel, you can get a reduced premium.

So, what are you waiting for? Get out there and save.

finder money hacks is a bi-weekly round-up of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.

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