How to save money on your insurance
You’ve found the best insurance cover, and now you want to make sure you’re getting the best deal, so you aren't paying more than you have to. Here are four things to consider that could save you money.
Are you looking to save money on your insurance? We understand how important it is to have the cover we need, should we need it. So, the secret of saving money on it, is making sure you know what you’re paying for and why.
We’ve boiled it down to four key things: Your cover, risk, excess and the extras.
How much cover do you need?
Your insurance premium mostly depends on what you’re covering and how much cover you need. Whether it’s car, house or contents insurance, you need to feel confident that you have enough cover.
Having the right sum insured means you’ll have enough money if something unexpected happens. But if you have more cover than you need, it may mean you’re paying too much. It’s all about balance.
Check car sum insured: get a quote for your car with Tower and we'll let you know your car's estimated value based on Redbook's vehicle pricing valuation.
Check house sum insured: the Cordell Sum Sure calculator can help you add up all the costs of building and specialists should something happen to your home.
Check contents sum insured: our contents calculator can help estimate the value of everything you own, it’s better than guessing and may be more than you think.
What’s the risk?
When you get an insurance quote, one thing we look at is the risk of different assets. For instance, some car types are stolen more than others. Likewise, some houses have a higher chance of something happening to them. Such as the risk of flooding, or earthquake risk in some areas. Where the risk is higher, these places will naturally cost a bit more to insure. So it’s a good idea to get an insurance quote before you buy a property.
It also helps to take preventative measures to protect your assets. That way you don’t need to claim as often, saving you money on your excess and protecting your no claims bonus. You can read our top preventative tips on our blog.
How much excess?
Your excess is how much of a claim you pay. You can reduce your premium by choosing a higher excess. This would mean you’ll pay more at claim time, but you’ll pay less day-to-day. Be sure when choosing an excess, it is an amount you can easily afford to pay if you need to claim. You may also want to consider policies that offer benefits such as reduced excess for glass breakage that don’t affect your no claims bonus.
What about the extras?
Many people have more than one insurance policy. With Tower, if you have three or more policies with us, you can save up to 20%*. It’s a big discount and one of the easiest ways to save money.
You may also be able to save at claim time if multiple policies are impacted in one incident. (Like a windstorm that may cause damage to your property and some of your contents). With one event, one excess, you will only pay one excess (the highest applies) if you need to claim on multiple policies for a single incident at the same address.
If you have car insurance, it’s a good idea to get Go Carma. It’s a simple app that gives you feedback on the way you drive. It can even earn you discounts on your excess# – and the chance to earn other prizes like UberEats vouchers. And, if you don’t have anyone under 25 driving your car, you can also add that as an additional discount.
You may also qualify for a no claims bonus if you haven’t made a claim for some time.
It’s also worth reviewing when you pay. Most policies offer savings for people who buy annually rather than paying in instalments. You can even save by buying insurance online too.
Make changes in My Tower
It’s easy to update your sum insured or excess, add or remove optional benefits, change your payment method, and more, online in My Tower.
Remember, the most important thing is making sure you have the cover you need when you need it. So if you’re not sure of the best way for you to save – or you’re having trouble making regular payments – don’t hesitate to give us a call and chat it through.