Newspaper article The Chronicle (Toowoomba, Australia)

Four Ways to Cut the Cost of Insurance

Newspaper article The Chronicle (Toowoomba, Australia)

Four Ways to Cut the Cost of Insurance

Article excerpt

FROM car to health to travel and our own life, insurances are one of the few services that we pay for - but hope to never use.

Unfortunately they are a cost that we do need to incur and insuring our home and contents is no exception.

To help prevent home and contents insurance taking an increasingly big chunk of your budget though, here are four tips for cutting the cost.

Ask for a loyalty discount.

Bundling all your general insurances (such as home, contents, cars and CTP) with the one company may entitle you to a discount.

Even a discount of five or 10 per cent can save you a respectable amount of money, so make sure that you ask the question.

Choose a higher excess if you can afford it.

You can lower the cost of your premiums by opting to pay a higher excess in the event that you claim.

The "excess" is the amount of loss that you will need to cover from your own pocket before the insurance kicks in.

Remember though - you will need to cough up the excess amount when you make a claim, so you need to ensure that you can easily access that amount of cash. …

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