6 Ways We Can Save On Your Short Term Insurance

1.Take One of Your Two Cars Off, or Reduce Cover

While we do not encourage your vehicles to not be covered, we do understand that everyone is struggling during this time. If you have two vehicles and one or both are no longer financed, and you can manage by driving only one car, look into temporarily changing the cover to third party, fire and theft or suspending your car insurance coverage on the vehicle not needed. Know that if you choose to suspend the insurance on it, you will not be covered for that vehicle.

This would only be applicable to cars that are not financed.

Call your broker and find out what your options are. Taking one of your vehicles off the road and suspending its insurance coverage can save you money in the short term, but there may be consequences for doing so, including:

  • If you remove the comprehensive or all-perils coverage on your parked car, your vehicle will not be covered for damages resulting from things like theft, vandalism, or fire – Cars that are still under finance must be covered under comprehensive cover.

2.Change Cover from Business to Private

Another way to save funds is to change the vehicle use noted on your policy during the lockdown period from Business to Private use. If you use your vehicle for business, let your broker or insurer know you’re driving less and working from home, so you would not be using the car to see clients etc.

However, once the lockdown ends, don’t forget to contact your insurer and inform them you are returning to driving the vehicle for business.

3.Up Your Excess

With some insurers offer higher the excess, the lower your monthly premium option. An excess is what you pay if you put in a claim to get your vehicle repaired. Increasing your excess can make a small difference, but your financial situation should dictate the excess you choose; in other words, make sure you can afford to pay the higher excess. You change this back to the original structure once lockdown has ended.

4.Ask About Discounts

All insurance companies offer their customers discounts. You can also look at combining your Building insurance and contents insurance with your vehicle policy, this helps with getting a better premium all round as you would only be paying one admin fee and the insurer is more inclined to assist with further discounts.


If you have a policy that has active rewards attached to its products, find out if you can use your rewards points to assist with paying your premium. Some insurers have updated their wording and structures to assist clients who would normally earn fuel rewards by giving the clients the option to use these funds towards their premiums.

6.Go Through Your Existing Policy Schedules

Now is a great time to go through policy schedules and make sure it’s up to date. If you no longer have a certain phone that was insured, remove it. If you have upgraded your security at your home, advise your insurance company or broker, this could assist in bringing down your contents cover premium.