We caught up with Mike, one of Sonnet’s insurance experts (he helps to create our insurance products among other things) to pick his brain about how to lower insurance premiums.
1. How often do your friends or family hit you up for insurance advice?
All the time! Whenever I’m at a family function or a friend’s party, I can pretty much guarantee that at least one person will want to know how they can pay less for their insurance.
2. So what do you tell them?
Usually, I’ll tell them that they can always increase their deductible amount but only if they think they can handle it financially and will be able to pay that higher deductible amount if they have to make a claim.
3. There must be other ways to reduce insurance premium though, right?
Sure! It’s really all about prevention - the more you can do to reduce risk the better.
For example?
Well, there’s the obvious stuff like installing smoke and fire alarms, putting in a security system or putting winter tires on your car. Less obvious examples include ensuring windows are well-sealed which is important for fire safety, or keeping your plumbing well-maintained to prevent water damage. And aside from helping you save money, energy efficient light bulbs are also a safer option than regular bulbs which don’t stop heating until they’re turned off.
4. Any last words of wisdom for anyone who wants to save on their insurance?
Make sure you’re taking advantage of any insurance savings that might be available to you. For instance, insuring multiple properties or vehicles, being claims-free or having a great driving record could all help bring your price down. And of course, it’s a good idea to go with an insurance company that offers great rates to begin with and can provide you with price protection when you do make that first claim!