When it comes to insurance, whether it’s for your health, your home or anything else, your premiums can all add up and leave you with a hefty bill every year.

It is possible to actually save money on your insurance though. You just need to know where to start.

The main thing you need to do is make sure you understand the various elements of different insurance types to help you best position yourself for a lower premium. Of course, there are always going to be certain individual factors to consider but we’ve outlined some of the key steps you can take to start saving money on all types of insurance.

Home:

• When you’re going to consider a Home Insurance policy or a renewal, ensure that your home has the appropriate smoke and burglar alarms. This will instantly reduce the risk associated with your policy resulting in a lower premium.
• You should also insure your property based on the Reinstatement Value and not the market value of the home as this will also result in a lower premium.
• One of the most convenient ways to save on your cover is by getting a 2-year policy. This will save both money and the stress of renewing (and possible price hikes) for a whole two years, even if you make a claim.

Motor:

• Your occupation can have a huge impact on any quote you are offered. Insurers are more interested in what it is you do and not your title. For example, being the “Global Director for Logistical Adherence” may sound great but it’s unclear to the insurer what that means and they could rate you in a higher category.
• Before taking out or renewing your, have your car valued by a few sources. This way you won’t end up over insuring your car and thus paying more on your policy.
• Paying your policy in instalments may suit you better but by paying this fee outright can save you on its overall cost.
• Like many home insurance policies, a two-year motor insurance policy will save you both money and the stress of renewal and the price hikes that may be involved.

Travel:

• Having private health insurance is an easy way to get a reduction on a travel insurance policy before you even purchase it.
• If you’re the type of person who usually goes abroad several times a year, purchasing a multi trip travel insurance policy will save you money over multiple single trip policies.
• Research the various levels of cover that are detailed in the policy documents, so you don’t end up over insuring yourself for an activity, like Skydiving, which you have no intention of partaking in.

Gadget:

• Lots of people buy gadget insurance as an add-on when they buy their phone or computer, etc. It’s handy but not always the cheapest option. By purchasing from a dedicated gadget insurance company, you can get a more competitive price.
• Like other insurance types, it also pays to know exactly what you need in a policy before you buy it. For example, if you don’t feel like you’ll lose the device, then excluding loss cover will result in a cheaper premium.
• Bundling multiple gadgets in a single policy will also help you save on insuring all your valuable gadgets.

Pet:

• Veterinary fees can end up being a massive expense for pet owners, meaning that a pet Insurance policy is a safe option.
• Having your cat or dog microchipped, vaccinated with appropriate protection and insured while still young and healthy will result in a cheaper premium than otherwise.
• Again, you should review policy documents closely to decide what type of cover level suits your pet most.

In addition to these savings, many insurance companies will offer discounts when you combine different policies. For example, getting your car and home insurance from the same provider may result in a discount. You should always keep an eye out for promotional discounts or codes that may appear on the social pages or websites of companies around dates like Black Friday, Bank Holiday Mondays and other public holidays too!

Blue Insurance Limited trading as Multitrip.com, Gadgetinsurance.com and Petinsurance.ie is regulated by the Central Bank of Ireland