5 tips on saving on insurance

1. Find out if you actually need private health cover

Private health insurance is vital for some, but Australians have been giving it up in droves in recent years, and we recommend only stumping up for health insurance if you have to. That said, taking out a policy can mean you won’t have to pay as much tax as before, but this depends on your income.

2. Look for cheaper health cover

We’ve found that people with private health cover could save up to $935 a year on hospital cover by switching to a similar policy with a different insurer. There are hundreds of dollars’ difference among providers, meaning you could make big savings if you shop around.

3. Get no-claim and restricted driver discounts on car insurance

Some insurers will discount your premiums if you agree to restrict the use of your car to nominated drivers or those over a certain age. Most insurers also offer a no-claims discount or safe-driver bonus, which could save you up to 70% if you go for a certain period of time without making a claim.

4. Get insurance to match the value of your car

If your car isn’t worth much, save money by getting it insured under a cheaper policy. In fact, it may be worth just getting cheaper third-party cover, which only covers you for damage you cause to other cars. Sticking with the same insurer year after year can lead to you paying more in premiums

5. Get cheaper home cover by letting your insurer know if you’re working from home

As an insurance customer, you’re obliged to update your insurer about changes to your circumstances. If you’re not going in to the office and are staying at home, you’re lowering the risk of your house being broken into and therefore have grounds to ask your insurer for cheaper cover.