How to reduce your insurance premiums

Insurance is one of those things you hope you never need to use, but it's important to have when life throws you a curveball. The good news is you don't have to spend a fortune to stay covered.

With a bit of know-how, you can bring those premiums down without cutting corners on the cover you actually need. Take a look at our tips to help you save on your insurance premiums.

Choose a higher excess

Going for a higher excess can be a game-changer for your regular payments. If you're comfortable paying a bit more if something goes wrong, bumping up your excess can lower your monthly premiums.

Just make sure it's an amount you can afford if you ever need to make a claim!

Get a quote before you buy

If you're thinking about buying a car or new home, get an insurance quote first. Some car models are like magnets for thieves, and certain properties might be sitting in high-risk natural disaster zones, and these risks can impact your premium.

We use risk-based pricing that looks at the risk data for your property based on your specific address. If risk data doesn't exist for your property, we look at community-level data to calculate your house insurance premium. Getting that car insurance quote or house insurance quote before you buy could save you a real headache in the future.

Check out how risk-based pricing works.

Bundle your policies

Why spread your insurance around when you can keep it all under one roof? At Trade Me Insurance, having multiple policies with us makes managing your cover so much easier. You'll have one point of contact for all your insurance needs, streamlined claims processes, and everything accessible through one online portal, My Insurance.

And here's a bonus. If you're a Trade Me member, you can get up to 15% off your premiums too.¹

Move to annual insurance payments

We get it, monthly payments can feel easier on the wallet. But if you can afford to change to paying your premium annually, you could save up to 10% with us. It takes a bit of budgeting discipline, but those yearly savings can add up.

Keep your cover up to date

Life's always changing, and your insurance should move with it. Maybe you've done up the kitchen and increased your home's value, or you've downsized. Regular check-ups on your insurance policies makes sure you're not paying for stuff you no longer have or missing out on the cover you need. The Cordell Sum Sure calculator is pretty handy for helping you estimate what it'd cost to rebuild your home.

Are optional add-ons worth it?

At Trade Me Insurance, we have optional extras that can make your life easier when things go pear-shaped, like RoadWise® roadside assistance, rental car cover, and windscreen excess buyout. They'll bump up your premium, but they might save you costs when you actually need them. Have a think about what fits into your lifestyle and budget and find that sweet spot.

Third-party insurance, the cheaper alternative

If you're driving an older car, it isn't worth much, or you just want to keep costs down, third-party or third-party, fire and theft cover might be all you need. These policies cover the damage you cause to other people's cars and property. Our online tool lets you compare all the different cover levels side by side, so you can see exactly what you're getting and what you can afford.

Get your car insurance quote sorted.

One excess for multiple claims

If one event hits multiple eligible policies, like a storm that damages both your house and your stuff, you'll only pay one excess. You won't have to pay for each policy excess separately and only the highest excess amount is paid. It's just one less thing to worry about when you're dealing with the unexpected.

Manage your policies online

Want to tweak your cover, change your excess, or update your payment schedule? Easy, just jump into My Insurance, our online portal that's available 24/7. Haven't set up your account yet? Register for one today.

When looking at your insurance, the main thing is making sure you've got the right cover when you need it most. Taking time to sort out your policies properly can help keep those premiums down. Happy saving!