Insurance is that ironic expense which we all make and pray we never have to use it. Insurance is a very important aspect of our daily lives. It adds an extra layer of security to protect our financial losses against unforeseen circumstances. All in all, it is because we pay insurance premiums, we sleep easy.
However, people often wonder how much insurance should you seek? Are you “over protected”? Or, are there riders on your policy that you do not need and are causing your premium to swell? Basically, there is a fine distinction between being adequately insured and being over insured.
We have handpicked some experiences that our readers have shared over the years with us on how they were able to save on their insurance costs:
As a first, always shop around for insurance quotes and do not settle for the first policy you come across. Don’t let price be the only determinant in a policy but every aspect of a policy must be carefully analysed for applicability. Insurance is a recurring cost product. You pay for them every year upon renewal. Take advantage of no claims bonus by paying for little repairs and smaller hospital bills, read the documents carefully, eliminate riders that may not benefit you and many more.
Some of the lesser known ways to cut insurance have been enumerated in this article.
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