Everyone should be taking out cover for multiple things throughout the course of their lives including health insurance, home and contents insurance, life insurance and car insurance. Insurance makes our lives easier and more care-free, however when it comes to cost, here are the top ways to save money on insurance.

Save money on car insurance

Car insurance is something everyone is covered for (so long as they drive), with compulsory third party (CTP) insurance. While it’s compulsory, you can still save big by shopping around for a better deal. When it comes to insurance you should only take out the level of cover that you need. Don’t pay extra if you don’t need to. You can find better deals by shopping around and improving the safety of your car. If you’re in the market, consider buying a car with excellent safety features and a high ANCAP rating, or simply add more safety features to your older car. You might also be able to save money by only covering older drivers in your cover which can significantly reduce your premium.

Save money on health insurance

While not everyone has health insurance, it’s still something everyone should consider. Health care can be a little more complicated than other insurance options as everyone’s health needs vary significantly. Once you’ve found suitable cover for your health you’ll want to take it out before you turn 31 to avoid paying the government’s lifetime health cover loading fee. Different countries will have different age restrictions here so it’s important to do your homework before taking out any kind of cover. If you’re able, you may want to consider paying your premium annually, in one lump sum rather than monthly or weekly. If you pay your premium before the rise in cost for the next year’s fees, you can lock in the next 12 months’ cover at the old price which can drastically reduce your premium.

Save money on home and contents insurance

Another cover with a hefty price tag attached is home insurance. Certain things like having a swimming pool can dramatically increase your insurance premiums. Keep your home safe and free from dangerous areas. For example, if someone files a claim because they slipped on your cracked front steps your insurance rates will increase substantially. To reduce the fees paid to your insurer you should always pay promptly. Many insurers offer incentives for paying an invoice within 10 days. Take a look at your policy and see if they offer a “prompt pay” discount (or ask for one if they don’t).

Shop around and compare

When it comes to any kind of insurance shopping around and comparing policies can save you big time. Even if you’re already covered, you could save a lot of money today by comparing your current policy to others and making a switch. Comparison sites are a good place to start but it pays to call different insurers and ask specifically about their best policies.