saving piggy bank

Money Saving Tips on New Insurance Policies

Insurance policies provide individuals with a sense of security in reference to a given property or a more comfortable life. In this, you expect to derive the best insurance policy at an affordable rate. The assumption that the best insurance policies are those that are highly priced is not applicable. You do not have to run broke to get yourself an insurance policy. When attempting to save money on new insurance policies, it is not the same as going in for the cheapest option. It is all about getting the best at a more affordable rate. The following tips will help you to save money when considering taking a new insurance policy.

Shop around and compare

The insurance industry is very competitive. In this, various insurance providers are launching new products for their target market. Before settling for a given policy, shop around and a competitor may just provide the same policy but at a cheaper rate thus saving your money. Being knowledgeable on the competitions products may give you an upper hand when it comes for requesting for a better rate. Collect as many quotes as possible.

Take a policy with covers that you need

Many insurance policies come as a package. Looking at the package, there are some covers that are not useful to you. Have your insurance company eliminate them and after an agreement, you will find that the cost goes down. Optional covers can be eliminated. Alternatively, you may eliminate one cover and add one that is useful to you. Keep in mind that they have to be under the same type of insurance.

Buy online

With the advancement in technology, many insurance companies are trying to reduce long queues in their hall ways. In this, they are providing discounts for individuals purchasing an insurance policy online. You will also get reviews on insurance companies. The search is simplified for you. You will also get a quote faster and some sites offer direct comparisons for insurance policies of the same type.

Avoid paying monthly premiums

If you are looking to save money on your new insurance policy, it is best that you make premium payments yearly. Though it may be more convenient to pay monthly, it will save you a lot of money yearly or at least semi-annually. This is because the admin fee is calculated once as opposed to twelve times when you opt to pay monthly. If you are in a position to, a one off premium payment will save you lots of money.


Even after comparing and settling for an insurance policy that is relatively affordable as compared to its competitors, always try to negotiate. It is through negotiating that you can request for a discount. Negotiating may also get you the policy you want but at the rate you want. This works as many insurance companies are trying to increase their clientele.

Following the above tips, you should be able to count some saving prior to purchasing a new insurance policy. Do not rush to settle but take your time to ensure that you reap the benefits of a given insurance policy.