How to reduce the cost of your insurance (without cutting corners)

At first glance, insurance premiums can seem fixed and unavoidable. Here are 8 smart ways to reduce your costs.

1. Use a specialist insurer for unique vehicles

If you own a high-performance, classic, unusual or enthusiast vehicle, placing your cover with a specialist motor insurer – rather than a mainstream provider – can result in significant savings. These insurers understand your passion and offer tailored policies that maintain strong coverage without unnecessary cost. They also often include flexible options not available in the standard market – like cover for track days, road-side assistance and business use.

2. Low-mileage discounts and excluding young drivers

If your vehicle isn’t used daily, access policies that reward lower annual mileage. These discounts are typically available in kilometre bands (e.g., under 5,000 km per year) and can lead to meaningful premium reductions simply by disclosing accurate usage.

Excluding drivers under 25 years will save you on average $100 a year (approximate market estimation).

3. Strategic use of higher excess options

Electing a higher deductible (or excess) is one of the most effective ways to reduce your premium. Most personal policies – including home, contents and motor – offer this flexibility. However, choosing the right excess level is key. A broker can help identify the optimal balance between cost savings and claims practicality, based on their insight into real-world claim patterns.

4. Get a broker or advisor to work for you

Firstly – Brokers don’t cost you extra for their services – their time to you is free.

Unlike going directly to one insurer, brokers have access to a broad section of the market, including products not publicly advertised. Often, brokers can negotiate preferential rates or benefits that aren’t available online, and they frequently have access to superior policy wordings than what is available direct to consumer.

5. Savings through safety and security devices

Installing safety features like smoke alarms, monitored security systems, dashcams, or anti-theft devices can help reduce your premiums. With current technology, many of these systems are affordable and their cost is often offset quickly by the insurance savings they generate.

6. Multi-policy discounts (where still available)

While many insurers have scaled back or eliminated multi-policy discounts due to regulatory changes, brokers – in particular, independent brokers – have the flexibility to apply their own fee reductions. Clients with multiple policies – such as home, contents and car – can still see valuable savings with the right strategy.

7. Healthier lifestyle = lower premiums!

For life and health insurance products, lifestyle plays a big role. Non-smokers and individuals within standard health ranges typically receive significantly lower premiums. For example, smokers can pay more than twice as much for cover! Your advisor will guide you through how lifestyle factors affect your application – and what you can do to position yourself more favorably.

8. The broker you choose matters – a lot

While saving on premiums is important, choosing the right broker or advisor can be just as valuable – if not more so.

The best brokers do more than just place your policies. They’re by your side when things go wrong, take the admin off your plate, and are available when you need support – and always available to you 24/7.

It’s vital to work with someone who’s like-minded, who genuinely understands the day-to-day pressures of managing a business, running a household, or juggling both. A good broker doesn’t just talk the talk – they walk it, too. They “get you,” they get what matters to you, and they know how to tailor solutions that fit your world – not just a generic policy.

In those crucial moments – whether it’s a claim, a major life change, or a sudden challenge – having someone in your corner who truly understands your needs makes all the difference. The relationship you have with your broker should be built on trust, insight, and advocacy – because the right support at the right time is often more valuable than any premium saving.