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5 ways to cut your insurance bills today

Posted:
News

Save hundreds, or even thousands, on your cover with these easy tips.

We've all felt the squeeze in our household budgets recently. Here are simple ways to get back money on your insurance:

Number 1 Health insurance

There are no downsides to comparing and switching your health cover – you won't need to give up any waiting periods, as these can be carried over between funds. Plus there's the chance to save some serious cash.

Start by comparing the cost of a hospital policy and extras from different providers. There's no need to use the same insurer for both.

Most major health funds are about to increase their premiums on 1 October this year. It's well worth shopping around in your next couple of paydays.​​

Number 2 Home insurance

Recent extreme weather events are spiking the cost of home insurance. A really good way to see if you can save on a policy is to compare multiple quotes.

Sarah Megginson, Finder's head of editorial, did just that recently. It took Megginson just over an hour to get a huge saving of $1,415 with a new deal.

Also, she didn't have to skimp on cover and run the risk of underinsurance, which is a boon for some 83% of homeowners and renters.

Number 3 Life insurance

The default life cover held within super funds is, like an umbrella, easy to forget about.

But when Dylan Crismale looked into the insurance section of his AustralianSuper account, the writer spotted a chance to save.

Crismale noticed his fund had automatically placed him in a "Blue collar" category for his individual work rating, rather than "White collar".

"Once I realised I was being charged higher fees on an incorrect rating, it took me about 10 minutes to switch it over," explained Crismale.

Looking into the numbers, a 35-year-old may expect to save a bit more than $5 per month by making this switch.

However, by investing more in your super, the compounding interest of just 5 bucks translates into an extra $15,119 in retirement savings after 40 years (based on an average annual return of 7.5%).

Number 4 Car insurance

How often you drive, and for how long, is taken into account by insurers when setting the cost of your car insurance.

Reducing the number of kilometres you drive could help you find a cheaper plan come renewal time.

You can cut down your driving time by combining a few different errands into 1 journey. You could also look into carpooling with a friend.

Koba is one of a few providers offering pay-by-kilometre policies, which gives the chance for cheaper insurance if you drive less.

Number five Pet insurance

Pet owners can score 10% off their Woolies shop – up to a handy $50 per month, or $600 per year – simply by holding an eligible pet insurance plan.

Signing up is easy: Just drop Woolies a line and ask to link your insurance policy with your Everyday Rewards card.

This money saver is also available for insurances such as car and home.

Read more about inflation, interest rates, the economy, and how to manage everyday living costs.

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