How I saved over $1,000 on insurance

$100 Challenge Home and Garden Save Money

How would you feel if you could save $1,000 on your insurance?

In 2012 I save $1,700 on my insuance and now I make sure I compare regularly. The big differences in 2012 were no longer having my husband on the policy as we were getting a divorce. That alone saved me $500! I also upped the driver age to above 25 only and my car was now garaged as I had moved house. The move saw a significant drop in my home and contents insurance. This week I saved over $1,000 with a few phone calls.

How to save over $1,000 on insurance!

1.) Reduced my car insurance by $240 per year
I called to ask about reducing the value of my car on my insurance policy to see what the difference in price would be, but the reduction in my premium was absolutely not worth it – $60 off my premium for a $2,000 drop in value. No thank you!

However, what I didn’t realise was when I took out the insurance the car had some finance, now it doesn’t and that dropped my premium by $240.

2.) Canceled unnecessary insurance resulting in a $145 refund
I took out an insurance policy to cover illness or injury when I got a personal loan earlier in the year. I injured my back and despite a lot of back and forth, they rejected my claim but due to the miscommunication I asked for a refund on the premium I paid and got it.

3.) Use what your insurance covers
We have a chip in our windscreen that needs repairing before it cracks right across. I asked if I was covered for windscreens and I am. Our particular car it turns out would cost $800ish to replace the windscreen! This is a massive saving and I am really glad I paid the extra $40 for windscreen cover when I took out the policy and even more grateful I checked if I had it (since I forgot). I was getting ready to pay to replace it before I thought to check.

4.) Work out what insurance we actually need
With the amount of insurance options out there you can get insurance for pretty much every aspect of your life – home and contents, car, life/death/total and permanent disability, funeral, pet, business etc.

We have life insurance and TPD through our superannuation, it was the cheapest option and had the best coverage for what we needed. I have car insurance as mentioned, renter/contents insurance and health insurance.
Recently we have had so many medical issues and things have been slightly more difficult I called my health insurance to see if I had any options given I had 2 procedures in hospital in 2 weeks.
They gave me 6 weeks off, no premium to pay since I have been with them for a few years but I am still fully covered for everything and they waived another fee so I had no gap on one of my treatments.

Bonus tip with health insurance…
Recently, I had to have a general anaesthetic with both procedures in hospital. My surgeon kindly did it with no gap, so no out of pocket expenses for me and advised me to ask the anaesthetist to do the same and he did! This saved me $900! However, it was before I started my $100 a day challenge, so I am not including it.

Compare evenly!
When comparing, make sure you compare accurately. For example car insurance can vary greatly depending on if you select a set value or ‘market value’ and it can mean thousands of dollars difference if you happen to need the insurance.

Challenge total so far
So, at this point, with my challenge to find or save $100 extra a day I managed to save $1,366 with a few phone calls (this includes the $145 refund). Part of this is because of the unusually high medical bills I had this past month, but still pretty happy with how it is all going. Total is currently $3696!

How did comparing your insurance help you?

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