7. Save money by reducing your premium
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Here are some tips to reduce your insurance premium
• Increase your excess
Just like Geoff, you can decide to increase your excess. The higher your excess, usually the less your yearly premium will cost.
• Lock it up
The more precautions you take to secure your home and possessions, the lower your premium will be. Window locks, deadlocks on doors and alarm systems all count toward reducing your risk—if you use them. If you’ve installed security devices since taking out your insurance, tell your insurer. You may get a discount.
• Keep your policies together
Many insurers give a discount to people who give them all their business, so think about using the same company for your contents, building and car. This can save you money.
• Stick with Bicycle Victoria
Consider using the group buying power of Bicycle Victoria. With the assistance of Middleditch Insurance Brokers we have negotiated excellent cover and terms for our members. Go to www.middleditch.com.au for details and a quotation.
• Be over 55
OK, so this is not so easy to do. But insurance companies think that people over 55 are home more often (they obviously don’t know many of our members), so there’s less of a chance of them being robbed. That’s why premiums are often cheaper for the over 55’s.
• Premiums and Postcodes
Your insurance company will also ask for your postcode before costing your policy. If you live in a high-crime area, be prepared for your insurance premiums to cost more.
Find out about contents insurance to cover your bike
