You’ve shopped around for the best insurance cover, and now you want to make sure that you’re getting the best deal. Your premium will depend on what you’re covering, and your level of cover. It's important to ensure you have the cover you need should something unexpected happen.
Here are a few ways you could pay less for your insurance.
Insure for the right sum
Whether it’s car, house or contents insurance, you’ll want to be confident that you have enough cover to repair or replace anything that is damaged, lost or stolen. Having the right sum insured means you have all the cover you need. Too much and you'll be paying for more than you need, not enough and you could be left out of pocket should you need to claim.
Not sure how to set the right sum insured for contents insurance? Our Contents Valuation Guide can help you to get a clear picture of everything you own and estimate values, making it a little less intimidating.
For house insurance, you need to understand the rebuild cost of your home – it will be different to the market value. You could talk to one of our friendly team at Tower who can give you some guidance or employ the services of a Quantity Surveyor.
Think about the riskiness of what you’re insuring
When getting an insurance quote, one thing we look at is the risk of different assets. For instance, some car types are stolen more than others. You could save on your car insurance premium if you have an immobiliser or alarm installed.
Likewise, some houses have a higher chance of something happening to them, for example, if they’re perched on a cliff. Naturally, items with a higher chance of having something go wrong will cost a bit more to insure. It’s worth considering this before making your next big purchase.
Choose the right excess level for you
The excess is how much of a claim you pay and increasing it can be an option to reduce your premium. A higher excess reduces the premium you pay but means you’ll pay a bit more at claim time. Whichever excess option you choose, it’s a good idea to look for policies that offer benefits such as reduced excess for glass breakage.
Keep costs down with one event, one excess
If you have multiple eligible policies with Tower, and you need to claim on more than one of these policies for the same event, you may only need to pay one excess (highest excess applies).*
For example, if there's a fire at your home that damages your house, contents, and car, you may need to claim on all three policies. But the good news is, you may only need to pay one excess.
Save online
Buying insurance online can save you money too, so if you’re looking to take out a new policy, get a quote online here.
Check your policies
Your circumstances are always changing, and your insurance cover will need to change to suit that. Have you added a benefit to your policy that’s no longer needed? Have new policies been introduced that might work better for your situation? We can help you check that you have the right type and amount of cover, which in the long run will ensure you're on the best policy and save you money where possible.
*This is a summary only. For all of these benefits, please read the policy wording and cover documents to understand the terms, conditions, excesses, limits, and exclusions that may apply. Cover is subject to current underwriting criteria.
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