Most of us have some sort of insurance and it can seem to be expensive. It can be good to try a few things so that we can get the cost down a bit. It is a good idea to therefore have a go, especially if you have lots of different insurance policies as this could make a big difference to how much you are paying.
It is always a good idea to keep a check on what other insurers are offering price wise. Use a comparison website and this will enable you to see what is available to you. You may find that the very cheap insurance products will actually not provide you with all of the cover that you need. This is because there is a chance that it will perhaps be cheap because it does not include some of the details that you need. For example, your insurer for your contents may include accidental damage cover, your car insurance may include a courtesy car if yours is being repaired or your insurance cover may include legal cover. If you pay less, these things may not be included and you need to make sure that you do have all of the cover that you need.
Negotiate Lower Renewal Price
When your insurer contacts you about the renewal they will usually send you a higher price than the previous year. Many people just accept that costs are likely to rise and that they will have to pay more. However, it is often the case that they will be able to negotiate a lower price. It is well worth telephoning the insurer and questioning it. Some will lower the price without question and for others you may need to explain that you have seen cheaper prices elsewhere and they may then lower the price. It is worth a try, especially if you are keen to stay with the same insurer.
Remove Anything you do not Need
As explained above insurance can include optional items which you may or may not have included in the policy. It is worth finding out whether there are any optional items that you can potentially remove. You will then be able to review each one and work out whether you think that it is worth it or whether you would rather have it taken out of the policy. It is even worth assessing your excess. This is the amount you will have to pay if you make a claim. You may want this to be low, especially if you think that it is likely that you will make lots of small claims. However, if you feel that you will only claim if there is something really expensive to claim for, then it could be better to have it high. You will need to make sure that you are confident that you will have that much money available to put towards the cost of the repair or replacement.
Ensure all Insurance is Necessary
It is also wise to think about whether you feel that all the insurance that you have is necessary. Some people have a lot more things insured than others. It is worth considering whether you could afford to manage if you did not have the insurance or whether it really will provide you with an important help if you do need to make a claim. Some insurance has to be taken for legal or contractual reasons such as car insurance and life insurance tied with a mortgage, but there are a lot of insurance policies that are not necessary and we will need to decide if we think that they are necessary for us.