We all are feeling the pinch at the petrol pump; keeping the lights on and the water running is also becoming costly and let's not start with the grocery list that is becoming increasingly shorter as the prices keep soaring monthly, if not weekly. But although we groan and moan about it, we still pay and pay and pay. The main reason why we cough up the money regardless of our unhappiness is because we need those basic necessities. That's the unfortunate part.
The fortunate part is there are payments that we make where we have more 'bargaining power' and how much you pay for your personal insurance is, thankfully, one of them.
Here are 4, relatively easy, ways to reduce your insurance cost:
1. Shop around - when was the last time you compared what your current insurer is offering with what the rest of the market offers? Most consumers wait until the annual rerate or after a claim for premium increases to start shopping around, only to find out that they were paying 20% -
45% higher and for months, if not years. So as you shop around you'll discover that you still have a very good package at a competitive rate or that you being ripped-off.
2. Reduce your cover - how much cover is too much? Remember, insurance only replaces/repair/pay out for what you had insured, anything extra is only more premium for the company. Review your profile and remove any additional products/nice-to haves, soon you'll find your premium looking much better.
3. Leverage your excess - where do you want to save, on your monthly premium or on your excess when you claim? Think about it carefully, if you almost never claim it's better to choose a higher excess and get the benefit of a lower premium. On the other hand, if you claim more than once every 2 years, it's better to opt for a lower excess or even an excess waiver, that way if you claim it won't set you back financially.
4. Ask for less - ask and you shall receive, the Bible teaches us. If you've been awhile with an insurance company, you might find that they would be more open to the idea to reduce your monthly premiums. What they might take into consideration before reducing your cost - how long you've been insured with them; your premium payment record; the amount of claims you've submitted etc. That is why it's not always wise to hop from one company to the next, when the company that you with can save you money - and all you have to do is ask for it.
Article Source: http://EzineArticles.com/?expert=Preston_M_Loxton
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