If you’re not feeling a financial pinch tighter than your knickers after a massive braai, then that’s great. Seriously, if you’re doing okay and surviving the financial impact that COVID-19 has had on the world, then that’s absolutely amazing. Sadly, this isn’t the case for most people in South Africa and loads of us are looking for ways to scale down, like cancelling gym memberships and Netflix subscriptions.
1 of the most common cutbacks that people tend to make is insurance. But honestly, if you can find ways to pay lower premiums and maintain your cover, then you’re winning. You hardly want your car, house, home contents, smart devices, and anything else you deem insurance-worthy to go unprotected from theft, accidents, and other kinds of loss.
Here are some tips that you can use to save on your insurance right now.
The car and home insurance discount
This is a common discount in the insurance industry but not 1 that loads of people take advantage of. Maybe it’s the perceived hassle or you think that you have to stick to the home or car insurance that you got with your financing agreement. But that’s not the case and it’s really not that much stress to switch providers.
Here’s the most efficient way to get this done:
- Call your current car insurer to get a home insurance quote (and ask for the discount).
- Call your current home insurer to get a car insurance quote (don’t forget about that discount).
- Call a reputable insurer to get a fresh quote on both and ask about a discount to have both policies with them.
This should help you get 3 quotes with discounts included to see how much you could save.
Change to a cheaper motorbike insurance option
While most insurance companies offer a pricey comprehensive motorbike insurance policy as their only option, there are a few who offer a range of cheaper policies for you to choose from. If you’re interested in bringing this cost way down, why don’t you consider getting third party and theft or third party only or even theft only? Each of these are way cheaper than the comprehensive level of cover.
Get car insurance premiums that decrease monthly
There’s at least 1 car insurance company who offers this type of cover and it’s pretty brilliant. The way it works is that you sign up for their comprehensive car insurance and after the first month, your premium will decrease in line with your car’s depreciating value. And then it’ll carry on decreasing every single month.
This way, your premium is always accurate and you save in the process.
Increase your excess amount to decrease your car insurance premium
Some insurance companies allow you to change the excess amount on your policy, did you know that? It’s true, and the reason why you’d want to do this is if you want to make your premium more affordable. The way it works is that a higher excess = a lower premium and a lower excess = a higher premium.
It’s actually a pretty handy way to bring your premium down. Just remember that even if you’re doing this as a short term fix, the actual figure you choose needs to be affordable in case you have to claim.
The multiple car discount
If you’ve got more than 1 car to insure, then you’re probs looking at them and trying to decide which is going to lose its cover… But before you do anything rash, consider changing to insurance that gives you a discount for every additional car you insure with them. These chaps over here will give you 10% off for 2 cars, 15% off for 3 cars, and 20% off for 4+ cars with their multiple car discount.
R1 insurance
There’s a way to insure your expensive golf clubs, bicycle, hearing aid, and even your super pricey motorbike accessories (up to R10,000’s worth of gear) for just R1. No, it’s true. If you’d like to find out more about this freakishly cheap cover, then click here
So there you have it. 6 practical ways to get those Rands rolling back in so that you can survive this especially trying time.
We truly hope it helps!
Posted in partnership with King Price Insurance
