Income Insurance Online :: Articles

4 Tips For Reducing Your Insurance Rates Dramatically

How can I dramatically reduce my insurance rates across all policies?

4 Tips For Reducing Your Insurance Rates Dramatically

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

There are many different ways you can save in different insurance policies. However, some things that will help you save in one policy will have no bearing whatsoever on another policy. Here are things that will help you save across all insurance policies.

1. Loyalty discounts

You will generally qualify for a discount on your insurance premiums if you get all your insurance policies from the one insurer.
Every insurer will typically offer a discount if you buy more than one policy from them. Some multi-policy discounts are more generous than others, so it pays to look around.
Nevertheless, all the money you may get as discount may still be much lower if weighed with savings you could make by getting your policies from several insurance companies. By dealing with just the one company you may also be compromising on policy benefits.

2. Ask the question

Insuring your most valuable asset
Image for Insuring your most valuable assetWhile many people would consider their home or their car to be their most valuable asset, it's your ability to earn an income that is most important in shaping your financial future. Statistically, two thirds of working Australians will suffer an injury or illness that will sideline them for 90 days or more. The majority of these people would not be able to pay their mortgage or meet car finance and other loan commitments without adequate income insurance.
Take it upon yourself to ask your agent or broker about all the discounts available to you with your present insurance carrier. There's a possibility that your broker has left one or two out.
The only way to be sure is by taking the time to ask your broker to list out all discounts that your insurer offers.
Do not be surprised if you discover discounts that you've never heard of.

3. Pay yearly

You'll attract cheaper rates if you opt to pay your premiums yearly and not monthly. Yes, monthly payments might be stressless but it is also less affordable.
There are transaction fees that are incurred when processing a transfer. .
While a yearly payment attracts a single check and therefore a transaction every year, monthly payments attract twelve.
You'll then have to pay the total of twelve transaction charges.
Apart from this there are also administrative costs that are incurred due to the monthly payment option.
A clear example of such is the cost associated with sending out payment notices.
All such cost to your insurer is eventually borne by you (that's in addition to their own profit margin for providing such a "convenient" option).

4. Shop around

You will reduce your insurance rates by a huge margin if you take out time to do extensive and thorough shopping. You will start your shopping right if you make inquires from friends about their experiences with different insurance carriers.
Doing this helps you avoid being led to just the provider with the biggest hype but to the carrier that gives the best price/value.
An acquaintance is more likely to tell you if they had an unpleasant experience with a provider.
If you ask your friends and acquaintances - you'll hardly buy from a shoddy insurer.
You could potentially save hundreds of dollars by simply obtaining and comparing quotes from about five insurance quotes sites.
And, it will require just a total of 25 minutes.

Published: Sunday, 1st Aug 2021
Author: Paige Estritori


Life Insurance Articles

Income Protection Insurance Explained: Ensure Your Livelihood in Times of Uncertainty
Income Protection Insurance Explained: Ensure Your Livelihood in Times of Uncertainty
When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. - read more
Why Income Protection Insurance Is Essential for Australians
Why Income Protection Insurance Is Essential for Australians
Income protection insurance is a type of personal insurance that provides financial support if you are unable to work due to illness or injury. It ensures that you continue to receive a portion of your income, helping you manage daily expenses and financial commitments during recovery. - read more
Income Protection vs. Total Permanent Disability: Which Is Right for You?
Income Protection vs. Total Permanent Disability: Which Is Right for You?
Financial security is crucial in today's unpredictable world, where unexpected events can disrupt the stability and comfort of our daily lives. For Australians, protecting one's income and lifestyle from unforeseen circumstances is a key component of personal finance. - read more
How to Compare Income Protection Policies When You Have a Medical History
How to Compare Income Protection Policies When You Have a Medical History
In today's ever-changing world, financial security is a cornerstone of peace of mind, particularly for Australians grappling with medical histories. Income protection insurance emerges as a pivotal solution, safeguarding not only the individual’s fiscal health but the well-being of their dependents. This introduction explores the nuances of income protection insurance and its particular significance for those with pre-existing medical conditions. - read more
How to Compare Income Protection Insurance for Self-Employed Australians
How to Compare Income Protection Insurance for Self-Employed Australians
For self-employed Australians, the financial stability provided by consistent income is the backbone of both personal and business success. Unlike traditional employees, who might have access to sick leave or employer-sponsored disability benefits, self-employed individuals are solely responsible for their financial security in the event of illness or injury. This is where income protection insurance steps in as a crucial safeguard. - read more

Insurance News

Understanding the 4.41% Increase in Private Health Insurance Premiums for 2026
Understanding the 4.41% Increase in Private Health Insurance Premiums for 2026
22 Feb 2026: Paige Estritori
Australian private health insurance premiums are set to rise by an average of 4.41% from 1 April 2026, marking the most significant increase since 2017. Health Minister Mark Butler stated that this adjustment reflects the escalating costs of medical and hospital services, which have risen by 5% over the past financial year. This increase is expected to impact over 15 million Australians who hold private health insurance policies. - read more
Health Insurers Respond to Rising Costs with Increased Payments to Private Hospitals
Health Insurers Respond to Rising Costs with Increased Payments to Private Hospitals
22 Feb 2026: Paige Estritori
In response to escalating operational costs faced by private hospitals, health insurers have increased their payments to these facilities. Recent data indicates that payments to private hospitals have risen by 7.7% in the year leading up to March 2025. This adjustment aims to support private hospitals during a period of financial strain and to ensure the continued delivery of quality health care services. - read more
Health Insurers to Include Natural Therapies in Coverage from 2026
Health Insurers to Include Natural Therapies in Coverage from 2026
22 Feb 2026: Paige Estritori
In a significant policy shift, Australian health insurers will begin offering rebates for a range of natural therapies, including Yoga, Pilates, Tai Chi, Shiatsu, Naturopathy, Western herbal medicine, and the Alexander Technique, starting early 2026. This change follows legislative amendments allowing these therapies to be covered under private health insurance for the treatment of health conditions or as part of health management programs. - read more
Australian Insurers Highlight Key Challenges for 2026
Australian Insurers Highlight Key Challenges for 2026
22 Feb 2026: Paige Estritori
As 2026 approaches, Australian insurers are facing a trio of pressing challenges: rising premium costs and shrinking insurability, escalating cyber and data risks, and increasing difficulty in hiring and retaining skilled workers. These concerns have been highlighted in industry feedback cited in Gallagher Bassett’s upcoming report, 'The Carrier Perspective: 2026 Claims Insights.' - read more
Australian Insurers Under Fire for Steep Premium Increases
Australian Insurers Under Fire for Steep Premium Increases
22 Feb 2026: Paige Estritori
In recent times, Australian consumers have been grappling with substantial increases in insurance premiums, prompting widespread concern and calls for greater transparency within the industry. Reports indicate that some policyholders have experienced premium hikes of up to 600%, leaving many questioning the justification behind such steep increases. - read more

Start Here

Monthly Income Benefit:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Subrogation:
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.