3 odd ways to keep insurance costs lower

It’s easy to underestimate the effect we can have on insurance costs.

13:15 28 April 2013

 

It is sometimes the strangest things which increase our expenditures throughout life. 

 

While we are used to the effects of a poor economy on interest rates for credit cards and other bills, there are some other considerations which can also affect costs. 

Insurance is one example of how costs can be effected by a number of factors.  In the news recently, sick leave in Northern Ireland last year accumulated costs of about £149million.

 

All types of insurance reflect the costs of a group of people. Here’s how we can all play a part in keeping insurance costs down.

 

• Sickness—it’s not always possible to avoid sicknesses, but employing such tactics as taking Vitamin C when around sick people, and zinc drops may help reduce your chances of suffering the same fate as those around you.

 

Obviously the standard of frequent hand washing applies, as does cleaning your work area if a particularly sick person stops by and sneezes on it. Taking a bit of extra care to manage the spread of germs can actually make a huge positive impact on everyone’s quality of life, and on the costs incurred by insurance companies.

 

• Lifestyle choices—certain insurances would be able to lower prices if more people resisted habits which negatively impact health and are considered risks. Smoking, and excessing drinking can both raise costs of insurance, but after a bit of time a reduction in both of those items should be reflected in insurance costs.

 

• Responsibility—insurances such as travel insurance are fairly low-cost as it is, but travellers have a direct hand in that. Those who don’t keep adequate track of their belongings and are more apt to file claims for lost baggage and important documents drive up the cost of insurance for everyone.

 

Luckily, common sense on the part of travellers keeps this low and as long as we continue to be focused, it will remain a fairly low cost.