Calculating PremiumsReducing The Cost Of Your Insurance Install security devices


Fitting a burglar alarm to a house, or a car alarm and immobiliser to a vehicle, reduces the risk of theft,


which can lower the premium.


Build up a no claims bonus


Avoiding claims over several years earns a


discount on the premium each year.


Pay annually


Paying the full premium in one payment at


the start of the year is usually cheaper than paying monthly.


Increase the level of excess


Agreeing to pay a higher amount


towards any claim makes a premium cheaper.


Lower the level of cover


A home-owner might remove their bicycle from their house and contents insurance to


reduce the cost of their premium.


Shop around


Getting quotes from multiple companies to find the best deal can reduce insurance premiums:


Use price comparison websites: Websites such as Bonkers.ie compare the prices of different insurance companies so a customer can find the best deal online.


Use an insurance broker: An insurance broker researches policies from a number of companies and offers advice on the best policy for the customer.


Pay for insurance online Many insurers offer a


discount when a policy is purchased online rather than over the phone, as it costs them less to process.


Underinsurance


Lowering the level of cover may mean an item becomes underinsured. This means an item is not fully covered by the policy.


In this case, the insurance company will only pay out compensation based on the percentage of the item that is covered. This is called the average clause.


Average clause formula: (Amount insured ÷ Actual value)x Loss = Compensation paid out 62 2


STRAND 1


CHAPTER 6: Personal insurance


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