Trying to scrimp and save on insurance can seem like a bother, but if you look back after a significant time period, these small insurance habits hardly take any time at all and will probably have saved you thousands. So get into these habits, writes Nicole Canning.   

1. Only insure what needs to be insured

      If you’ve had the same insurance policy for years, and haven’t reviewed it, chances are you’re paying for things you don’t even need cover for anymore. Remember that heirloom ring that was specially insured, and has now been on your daughter’s wedding finger for over five years? If that same daughter used to drive your car back in the day, and was a nominated driver, now may also be the time to inform your insurer that you are the sole driver of your vehicle. 

   2. Take small steps to improve your risk profile

      Why not enlist for an advanced driver training course? Not only will it keep you safer on the road but it’ll lower your risk profile and therefore your premium. If you’ve got some extra cash, install a tracking device, or putting some extra security into your home. And then tell your insurer, and ensure that they respond to your adjustments in the appropriate manner! 
      

   3. Update the important details

      If you move into a neighbourhood that has a statistically lower crime rate, this is an important detail to fill your insurer in on. These days customers need to take responsibility for saving themselves money – the old adage: “if you don’t ask, you won’t get” has never applied so strongly as in the insurance game. 
      

   4. Put extra cash in upfront

      If you’ve decided to save your year-end bonus for something “sensible”, a great idea is paying your annual insurance premiums upfront. You should pay a discounted amount than you would if you opt for monthly payments. 
      

   5. Remind your insurer to reward your loyalty

      If you’ve been a loyal member for a good few years, it’s time to remind your insurer of this fact. A new customer is three times more difficult to attract than an existing one is to retain and, while you don’t want to threaten your insurer that you’ll leave if they don’t reward you, there is nothing wrong with keeping them on their toes and presenting them with some more desirable quotes that you may get elsewhere. 

These important, yet small, insurance habits should end up saving you lots of money over the coming years.