January insurance tips: save money while staying protected

January has a way of reminding all of us that our money has limits. It’s the month of school fees and stationery, annual increases on things like our medical cover, and the long wait for payday. Which makes it the perfect time to look at every line in your budget, including your insurance.

While many people don’t think of their cover as something they can actively manage, a quick review may help you free up some extra cash without compromising on protection: Giving your insurance a once-over is a small task that can have a big influence on your financial resilience.

Tips to help reduce your monthly premium while keeping your risks properly covered:

Bundle your cover where possible

Insurers tend to reward clients who place multiple risks under the same roof. If your car, buildings, and home contents sit with the same insurer, you could pay less overall. Households with more than one car on the same policy may also pick up discounts – up to 20% in some cases.

Upgrade your security

Better security can mean lower risk, and lower risk can sometimes mean a lower premium. It’s worth asking your insurer whether adding a tracking device might help reduce your car premium, or if beefing up your home security by installing an alarm or an electric fence linked to armed response could ease the cost of covering your buildings and everything in them. And, if you stay in a secure estate, ask whether there’s a home contents option that takes theft out of the equation but still protects you against things like storms and malicious damage.

Keep your personal details up to date

Life changes, and so do the details your insurer uses to calculate your risk. Even seemingly small shifts, like where your car sleeps at night, whether you’ve moved, how far you drive, or who the regular driver is, can influence your premium. Marital status changes also matter. Keeping your insurer in the loop keeps your premium up to date, and it also supports smoother claims when you need help most.

Make sure you’re insuring the right things

It’s easy to forget to remove items you no longer own. A quick look at your policy schedule could reveal things you’re still paying for unnecessarily. On the flip side, remember to add any high-value items you’ve recently bought. And always check that your insured values, whether for your buildings, home contents, or portable possessions, reflect their current replacement values and not their original purchase prices.

A quick call to your insurer can also help you uncover other opportunities to save, based on your specific circumstances.

Many people avoid reviewing their policies because it feels admin-heavy or low-priority, and some only dig out their documents when a claim is looming. But, he says, taking a few minutes at least once a year can reassure you that your home, car, and belongings are protected… And that you’re not paying more than you need to.

* Van Vuuren is the client experience partner at King Price Insurance.

PERSONAL FINANCE