Most people want lower insurance costs but are often too lazy to do anything about it. All it takes is a little time and effort and you could be looking at a reduced insurance premium. Here are some useful tips on reducing insurance costs: Shop Around Although it may sound an obvious thing to do, you will be surprised at how many people just renew their policy without comparing prices. It’ll take some time, but could save you a good sum of money. Check consumer guides, insurance agents and online insurance quote services. Ask friends what they are paying for their policies.

But don’t consider price alone. The insurer you select should offer a fair price and deliver quality service. Raise Your Excess Amounts Excess amounts are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your excess, the more money you can save on your premiums. Buy your home and car policies from the same insurer Some companies that sell homeowner, car and personal liability insurance policies will offer you a reduced premium if you buy two or more insurance policies from them.

Improve your home security You can usually get discounts for fitting a smoke detector, burglar alarm or dead-bolt locks. Some companies offer quite substantial reductions on premiums if a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations is installed. These systems aren’t cheap and not every system qualifies for a discount. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you’d save on premiums.

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