You can get lower rates on all your insurance policies. And by this I do NOT refer to taking steps that will put you at risk by leaving you with inadequate coverage. Let’s take a quick look at several things that will help you save a great deal…

1. Paying your premium yearly will get you more affordable rates than choosing monthly payments. Yes, paying monthly might be convenient but it is also much more expensive.

Each check that is processed attracts a charge. While a yearly payment attracts a single check and therefore a transaction per year, monthly payments attract twelve. This implies that transaction fees would be 12 times more for people who pay monthly.

There are also administrative costs to your insurance provider that result just from taking monthly payments. For example, it costs some money to send payment notices monthly. The additional administrative cost to an insurer is eventually paid by you (that’s apart from their own profit margin for giving you such a “stressless” alternative).

2. Fixing advanced security and fire systems that are monitored 24/7 is a wise step. Not only will you get a considerable discount, you will also feel safer bearing in mind that your house is constantly monitored. Although the savings this will get you will differ from one insurer to another, you can expect to bring down your home insurance premium by as high as 25%.

3. You’ll pay higher premiums simply because your vocation exposes you to many hazards. You can lower your premium if you choose another profession that will not expose you to hazards. If your profession exposes you to hazardous chemicals, for instance, your life insurance rates will be much higher than that paid by a similar profile who probably works as a receptionist in an office.

4. Take advantage of the public transport system anytime you can. Your mileage is a significant indicator used in calculating your risk to an insurer. The more you are behind wheels, the more the odds that you will have reasons make a claim in a short while.

As you do all these don’t forget…

Get and compare quotes from as many sites as you can if you really want to get the best rates for each of your policies. This may take some of your time but you’ll save a few thousand dollars in a short while if you do this well.

By: Chimezirim Chinecherem Odimba

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