Insurance is one of those necessary expenses that can sometimes feel like a burden on your budget. But with a little research, there are ways to help keep your premiums down without skimping on the cover you need. Here are some handy tips to help you save on your insurance.
Go for a higher excess
Opting for a higher excess (the portion of a claim you pay) can lower your insurance premiums. You'll pay more if you need to make a claim but less on your regular payments. Just make sure it's an amount you can comfortably afford if the time comes to make a claim.
Check before you buy
When we provide an insurance quote, we look at the risk of the asset. For example, some car types are stolen more than others, and certain houses are at higher risk of being impacted by a natural disaster, like earthquakes and floods.
We use risk-based pricing to fairly assess these risks and calculate the premium for each individual property. If no risk data exists for your specific address, we use community-level data to calculate your premium. So, it's a smart idea to get a house insurance quote before making an offer on a property!
Learn more about risk-based pricing
Bundle your insurance policies
Some insurers offer savings if you bundle multiple policies together, like house, contents, and car insurance. At Tower, you can get a multi-policy discount when you have multiple eligible policies with us1. Save up to 10% if you have two eligible policies, or up to 20% if you have three or more eligible policies.
Learn more about our multi-policy discount
Pay your insurance annually
Review how often you pay your insurance. If you can afford to pay annually instead of monthly or fortnightly, you could save on your premiums. At Tower, switching to annual payments at renewal time may save you up to 10% on your premiums. It requires some budgeting discipline, but it can save you money in the long run.
Reassess your insurance regularly
Your insurance needs may change over time. For example, the value of your contents can increase, or renovations to your home can boost its value. Regularly reviewing and adjusting your insurance can help ensure you have appropriate cover.
The Cordell Sum Sure calculator can help you estimate the costs to rebuild your home should something happen. If you want to reassess the value of your contents, use our contents calculator to estimate the value of all your belongings. It's better than guessing and may be more than you think!
Optional benefits – are they worth it?
Most insurance providers offer optional benefits that add extra protection and peace of mind. At Tower, options like our RoadWise® roadside assistance, rental car cover, and windscreen excess buyout can be valuable additions to your policies. While they increase your premium, they provide extra cover and can help with unexpected expenses. Review your policies and needs to decide which benefits are worth the extra cost, saving you more when you need to use them.
Consider third-party options
When it comes to car insurance, third party cover and third party, fire and theft cover are usually cheaper options. They provide cover for damage your car causes to another person's car or property. These types of car insurance can be good if you drive an older car or if you're looking to save on your premium while still having cover in place. When you get a car quote with us, our online tool allows you to compare the premium for each cover type so you can choose the right level of cover for your needs and budget.
Pay only one excess
At Tower, you can save at claim time if you need to claim on multiple eligible Tower policies as a result of one event. For example, if a storm hits and damages both your home and your belongings, you'll only pay one excess (the higher of the excesses) if you need to claim on multiple eligible policies for a single event.
Do it all in My Tower
If you want to make changes to your sum insured, excess, payment frequency, or optional benefits, you can do it all online in My Tower. My Tower is our easy-to-use online self-service portal where you can update, claim, and manage your personal insurance quickly online, anytime, anywhere. If you don't have a My Tower account, register for one now.
Remember, the most important thing is to make sure you have the right cover when you need it most. Taking the time to review and manage your policies can help keep your premiums down. Happy saving!
1Multi-policy discount Ts & Cs apply
The links we provide to third-party websites are for your convenience and do not constitute any endorsement or authorisation by us. The information provided on this page is general in nature and is not intended to be professional or legal advice. Tower does not accept any liability for the accuracy or content of information on this website that belongs to third parties or on any third-party website.
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