How to negotiate lower insurance premiums

Ensuring that you are appropriately covered by your insurance and finding ways to save costs are both critical. The team at Apio put together a few pointers to help you save on your insurance premiums. Make sure that you chat with your consultant before making any changes.

  • Ask your broker to review the current policy cover and premiums with your insurer. If you have a good track record with your insurance company your broker should be able to negotiate a premium review on your behalf.
  • Ask your broker to shop around. Obtaining like for like quotes will enable you to ascertain if your premiums are market-related. If a quote is obtained with cheaper premiums, it can be used as a negotiating tool to reduce the current premiums.
  • Consider increasing your excess, but bear in mind that the amount you choose must be able to be paid out of your own pocket.
  • Remove items that are insured under your Portable Possessions section, but are no longer being taken out of the house. For example, your golf clubs, or bicycle.
  • Certain insurers may offer limited mileage discounts if you are no longer driving your car as much as you used to before lockdown. You may need to disclose your current mileage and sign a declaration of limited use.

Whatever you decide to do, think carefully before cancelling your insurance. It could be financially devastating if you have an accident, or suffer loss or damage to your home.