5 Ways to Reduce Your Insurance Premiums

Insurance policies are an essential tool to protect your assets minimizing your potential loss if an accident was to occur. Insurance is a no brainer for most people who want to protect themselves and their assets. However, insurance can also be expensive. Here are 5 ways to reduce your insurance premiums that you can take today. 1: Check all your coverage is still relevant How has your life or business evolved?

• Do you still need all the cover that your policies cover? Ask yourself: Is what you are covered for still relevant for where you find yourself today?
• One classic example is pregnancy for women within health insurance, for women who've decided that they have enough kids. So it is worth checking all your coverage is still relevant.

2: When did you last change providers? Are your yearly premium increases justified?

• Yearly premiums can increase or decrease. If it has increased, it is worth asking your insurance provider why. You can also get quotes from other providers to make sure you are getting the best deal.
• Are you happy with the service and quality of product being provided?
• Are there any new providers or products that better match your requirements? Do they still meet your needs, if not, shop around, insurance is NOT a one size fits all!

3: Are you getting the best advice? What has your advisor done to stay on top of their game?

• Is your insurance broker or insurer growing their customer base? Look online for reviews or strong word of mouth recommendations or industry standards to compare with the advice you were provided.
• Are your Advisors retaining and developing their staff? Have they successfully adapted to recent industry trends? Have they developed their staff & products along with the changes in the market?

Staying on top of the changes in the market will enable your Advisors to provide you relevant information and the best service possible. 4: Are you working with a top rated insurance broker? What feedback has your Insurance Broker received?

• A quick check in Google on your broker can reassure you of their capability to meet your needs and get you the best deals. There will be feedback about your insurance broker and so it is worthwhile seeing what their online reputation reveals.
• Is your insurance broker winning industry awards? Top dogs in the industry can often offer better products than the underdogs (this is not ALWAYS the case) but this is a general rule.

5: Have you asked how you can receive more value? Fortune favours the brave!

• Have you picked up the phone, made the call and asked the question? Insurance brokers are providing a professional service to you, their customer. So don't be afraid to ask them about what they can do for you to help you save a few dollars. If they can't do anything, there is no harm in asking.
• Also, asking the open question "what more can you offer to me?" is a great starting point for a robust discussion.

So there you have it, a series of manageable steps to increase the value you receive from your insurance premiums.