Money saving tips on insurance
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We are always in the run to earn money and one of the simplest ways to earn money is to save money. If we follow a couple of steps while booking our insurance, we can save up to 20% of our money and in the long run, would be able to save about 50% on our premiums.
Penny saved is a penny earned.
Here are a couple of easy steps to save our hard end money on insurance.
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Shop around- One of the best ways to save money on insurance is to look around for the best offer and deals. There are always special offers ran by different companies. Clubbing several articles together can also fetch good discounts.
Cut the extra frills- While booking for an insurance, we tend to overlook certain terms and conditions and end- up paying extra than required. Reading every term and condition that we sign- up for is crucial. In case, there are certain extra charges. We should talk to the insurer and get it removed.
Self- insure the products- Products like washing machine, TV generally are insured by the retailer and hardly require repairs in 5- 7 years. At times, the insurance may cost you more than a one- off repair. Hence, judge wisely if you’d like to self- insure the product instead of paying for insurance and monthly premiums.
Check what you are paying for- Before signing- up for any insurance, as yourself. Do I really need this? Can’t I get this done from outside? Do I use the appliance that much? If your answer is NO, then you don’t need an insurance!
Law of average- Count how many appliances you are using in your house.. washing machine, dish washer, cooker hood, microwave, boiler, TV, fridge, plumbing system and many more.. Now count roughly how much will you spend on their insurance.. maybe £1000- £2000. Now think, does every appliance that you need would require repairs out of warranty? If you take an average, you may have to spend about £500- 700 if you are getting the appliances fixed from outside. Hence, chose wisely on the insurance.
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