Let’s face it, the cost of living is climbing everywhere. From your weekly groceries to filling up your car’s tank, it seems like there’s always more pressure on your wallet. In times like these, it may feel tempting to see insurance as an unnecessary extra and cut it from the budget.
But here is the catch
Dropping your cover could leave you financially exposed when life throws you a curveball. The good news is you don’t have to choose between peace of mind and affordability. With a few clever tweaks, you can stay covered without breaking the bank.
Know what really matters
Not all insurance is created equal. Life, short-term and health cover is definitely non-negotiable. Maybe you can hit pause now for travel insurance or extended warranties but first figure out which policies protect your fundamentals, then direct your energy and money there first.
Bundle, compare and reap the rewards
Just because you have been with the same insurer for years doesn’t mean you are getting the best deal. Take a little time to compare quote, and see if bundling policies, like home, car and contents can save you money. Some insurers even offer discounted rates if you combine personal and business policies under one roof.
Additionally, don’t forget about risk rewards. Installing a security system, following safe-driving habits or taking other precautions can shrink your premiums. Little changes often, add up to big savings.
Smart ways to slash your premiums
- Tweak your excess: A higher excess can lower your monthly payments, just make sure it’s still an amount you could afford in the event of a claim.
- Snap up any discounts: Insurers love customers who take care of themselves and their property. Safe driving, home security or even healthy habits can earn you a saving.
- Keep your credit rating profile in check: A solid credit record can help keep premiums down, as insurers often use it to calculate your risk insurance premiums.
- Leverage of memberships: Professional groups, alumni networks and unions often negotiate better rates for members. Look into their negotiated benefits for members.
- Review, review, review: Life changes, like moving home, buying a vehicle or changing jobs, can affect your insurance cover. Check your policies at least annually to make sure you are not paying for outdated protection.
The bottom line
Life is unpredictable, but your finances don’t have to be. Insurance is your safety net and with a little planning and smart adjustments, you can stay covered, confident and financially secure. So yes, you can protect what matters most, without letting premiums eat up your budget.
Anesh Muganpersad – Executive Head: Personal Lines
