30 Ways on How to Save Money on Insurances

1. Shop around for insurer, don’t just stay in 1 insurance company.
2. Don’t get complacent review your insurance regularly - 1x a year is sufficient. A little bit of saving will be a mountain of saved money later.
3. Read the Product Disclosure Statement before you sign up!
4. Compare the content cover not just the premium!
5. Be careful with grey items, there are different types of flood in Australia. Some floods are not covered.  Brisbane is a flood prone city, so before buying your house, check the flood report here and flood map here. And call up the insurance company and read up the Product Disclosure Statement, to ensure you are fully covered in case of flooding.
6. If you live in an apartment, townhouse (attached and/detached), check with your Body Corporate about the building insurance, prior buying. This way you won't overlap or short of insurance.
7. Raise your excess (US: deductibles) to lower the premium, only if you think it is right.
8. Rent out to tenants who have good rental history (conduct thorough check on the rental history). Don't get tenants off shady websites. Use proper REIV/REIQ way of filtering application.
9. If you have a Landlord Insurance: Have your tenant's lease be at least 6 months lease or 12 months lease. You'll have higher insurance coverage claims, normally.
10. Ask for a discount if you pay upfront for one year
11. If you have multiple insurances from the same company (car, home & content, landlord insurance, private health insurance), get bulk discount, loyalty discount and corporate discount (normally your employer will have affiliation with insurance companies, and will thus give the employees discount if signing up with certain companies).
12. To sign up, give the company a call, don’t do it online, because over the phone you can ask for these:

• price match,
• ask also for better deal such as first month free and gift card, etc.

4 Ways on How to Save Money on Landlord Insurance

1. Know what cover you exactly need, do not overpay. Premium is expenses, so does excess.
2. Know exactly what you are covered for. Read the Product Disclosure Statement. And know exactly what you are not covered for. For example, an insurer does not cover landlord insurance if a proper property manager is not employed. Therefore, if you do not employ a PM and an incident happened that could be preventable by you having a PM hired, you may be risking your insurance cover. This could end up more costly than having a PM hired.
3. Follow the conditions in the insurance, otherwise you are risking your insurance payout (if in case something happens). Read the Product Disclosure Statement for the conditions, for example, for a Landlord Insurance, you must ensure that your tenant is not carrying a business from the property. You must notify this in writing to your Property Manager and tenant.
4. Look after the assets you are insuring. Even if your engagement ring is fully insured, you still must take care of it and not lose it. If you lost it & make a claim, be prepared for your insurance premium to increase by a lot.

7 Ways on How to save money on Private Health Insurances

1. Know why you need a cover. Identify, list what cover you need.
1. Do you just need a basic hospital cover, as required by the Tax Office (check for your requirement at www.ato.gov.au)?
2. Or do you need just extra cover just for your eyes and dental?
3. Or do you need both hospital and extra covers?
2. Compare the content on your own, there is no need to pay for website comparison. Don’t forget to get item number from your health provider, if you want to specific comparison for a specific job done.
3. When you want to sign up, try to sign up by calling the company up and ask for:
1. bulk discount, loyalty discount and corporate discount
2. price match,
3. additional deals such as first month free, gift card, etc.
4. Try to sign up with a few friends, in order to get the bulk discounts.
4. Know what cover you exactly need, do not overpay. Premium is expenses, so does excess.
5. Know exactly what you are covered for. You must know how much dental cover and optical covers each year.
6. Make sure you use up all of your benefits  by the end of the period. Usually it is calendar year. Check with your insurance provider.
7. If you need to get major work done,

1. Compare Insurer which gives you the most right cover for your needs
2. Once you found the right cover, look for the Health Practitioner who is most qualified to give the service that you need. Look into their education background, experiences and reviews online. *Remember, if the Health Practitioner is not capable and do a blotchy job, the cost will snowball in the future.
3. Ensure the Health Practitioner is affiliated to the Insurer that you are going with. This way you can benefit for more covers for your health insurance claims.
4. Once you have decided on the best Health Practitioner, see them and
5. Ask for item quotes and work plan (including timeline)
6. Call up the Private Health Insurance providers, and ask them for the cover and out of pocket expenses for each item quote.
7. Put all in the spreadsheet like this.
8. Compare which one that will cover you the most.
9. And, yes you’re right, when you see the Health Practitioner at step e/f, you may or may not have cover yet.
10. Look for my comparison table here

Note: Re-think about serving waiting period in order to be eligible for the covers. Weigh the cost of premiums against paying out of pocket. The cost of total premiums could be not worthwhile, because the total premiums paid for the lifetime of the works could be more expensive. And not waiting for the waiting period may be less costly -  get work done straightaway and not wasting money on premiums.

6 Ways on How to Save Money Car Insurance

1. Have the right insurance and bundle this insurance with your other insurances. And of course, ask for bundle and loyalty discount.
2. Maintain your A+ driver’s rating on your car insurance.
3. Living in a safe neighbourhood can affect your car insurance.
4. Park your car in a covered garage, not on the street parking.
5. Use public transport to work.
6. If you must carry a new driver under the rating of A+, get them to learn how to drive with the insurance provider. For example, when I was learning how to drive, I went to RACV and in return they offer me a lower premium.

©™ Kaizen Money Smartt

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