Tips to save money on your insurance

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 your policies with one insurer to save

Enjoy the benefits of multi policy discounts when you have multiple policies with the same insurer. With Tower, you could save up to 20%* with when you have 3 or more policies with us.

You could also save at claim time if multiple policies are impacted in an incident. With one event, you only pay one excess when claiming on multiple policies for a single incident at the same address.

Review your payment frequency

Your premium may be higher if you pay in instalments (like fortnightly or monthly), so it’s worth checking whether you could save on your premium by paying annually.

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.

*T&Cs apply.