Save Money on Insurance: Five Simple Steps

By | May 15, 2020

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Whether we like it or not, insurance cover is here to stay. No matter what insurance cover you need – whether it’s for your house, your car, your pet, your health or even your life, they are part and parcel of our lives, despite being a severe drain on our wallets.

But take heart, I’m going to share with you how I saved hundreds on insurance by using these 5 simple steps.



Saving money on insurance is one of the easiest ways to trim costs and improve our finances.

Having saved $246 on our house insurance, it led our family to target our life insurance, because it was the next best easy thing to save big.

Combat Ever-rising Premiums

Do you get nasty surprises in your mail or email, such as increased premiums from your life insurers?

It happens to me every year, with sickening regularity šŸ™ Being loyal customers doesn’t pay these days, as we end up paying through our noses! Because we’re taken for granted!

Why pay more and more with each passing year for being a devoted customer? Enough is enough! The solution?

You guessed it. Phone calls to competitors and visits to their websites or comparison quote sites.

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save hundreds on insurance

Shop Smart for the Best Deals

So, how did we save?

My spouse checked out 6 to 7 insurance companies. He got online quotes from some of them.

One of the companies took 2 weeks to send us a written quote. But by then, we had already made the decision to join the most attractive one.

It took about three and a half hours to get quotes from different insurance companies, but we saved $360.10!

There was a little catch. We had to spend a little bit extra. The new policy costs $2.43 more per fortnight.

But if we are paying more, how in the world do we save more then?

The reason: the new insurance company offered a 25% discount, which was less $353.28. Also, a $70 grocery voucher was thrown in as a sweetener as well.

So, the discount and grocery voucher amounted to $423.28.

For those of you who love numbers. Take a look at the table below.

Here are the calculations for the same sum insured:

Yes! $360.10 more in the pocket!

We were rewarded with all these ‘goodies’ for becoming a new customer.

So, even if it costs a little more each fortnight, we actually saved more in the end because of these wonderful incentives.

An Unexpected Bonus

We received another $70 grocery voucher in the mail because the insurance company made a mistake and sent another!

My spouse emailed to inform them of their mistake and asked how we could return it.

They on their part were gracious and very generous – they told us we could keep the extra $70 gift voucher! I didn’t include this in the above calculations though, as it wasn’t part of the deal.

Easy Action Steps to Save on Life Insurance (or other insurance):

1. Access J D Power ratings of life insurers to select reputable insurers *

2. Contact at least 3 life insurance providers, use a broker, or visit online comparison sites.

3. Get quotes from them, keeping the sum insured the same.

4. Ask for discounts, vouchers and/or other specials.

5. Choose the best deal and smile at your $$$ saving šŸ™‚

* Policy Genius also rates life insurers and has online advice on life insurance for different folks e.g. millennials, baby boomers, military personnel and even scuba divers.

Thanks so much for reading.

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8 thoughts on “Save Money on Insurance: Five Simple Steps

  1. Maddy Steele

    I don’t have any insurance right now (being a student at 20) but what you said about saving money for power is very important for anybody who has and for the future, and the best advice I’ve seen in a while.



    1. moremoneytips Post author

      Thanks Maddy. As a student, you might like to read my post on Top 20+ Money Tips for College Students: How to Have More Money and Quit Worrying. šŸ™‚

  2. cassandra benzinger

    Thanks for the great post! Understanding everything that goes along with picking insurance has always been so confusing to me!

    1. moremoneytips Post author

      Hi Cassandra,
      Insurance can be quite confusing. I’m happy that this post is useful. When we find out more about insurance, it often becomes clearer and we’ll be able to make better decisions. Perhaps you may like to use the links provided to get the best deals. šŸ™‚

  3. Anissa

    This is interesting. Iā€™m going to share this with my financial planner at our next meeting so she can evaluate my coverage. I like the fact that you received the grocery voucher. Score! Iā€™m always looking for ways to cut down on costs. I recently lowered my car insurance and it made a huge difference!

    1. moremoneytips Post author

      Hi Anissa,
      I’m delighted you saved lots on your car insurance! šŸ™‚ Yeah, the grocery voucher was the icing on the cake. We were actually looking forward to shopping for once.Let’s keep looking for new ways to save. Oh, may I ask how you lowered your car insurance premium?

  4. John Chio

    thanks for sharing this information.have shared this link with others keep posting such information..

    1. moremoneytips Post author

      You’re most welcome John. I appreciate your having shared this link šŸ™‚

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