Fair Go's tips for saving money on insurance, without losing cover

Source: Fair Go

With the cost of living starting to pinch, many households are looking for how they can tighten their spending.

The average family of four spends nearly $200 a week on insurance – but a finance expert says few understand where their money goes.

“Ninety per cent of Kiwis don’t understand their world of insurance,” says Justin Lim, the chief executive of Quashed – a free site that lets you store your insurance policies and compare them to make sure you’re getting the best deal.

He says it’s important to review your policies regularly to make sure they meet your needs.

He also says you could consider bumping up your excess which can often mean a drop in premiums.

Check you’re not already covered – credit cards will sometimes include insurance. And paying annually can work out 10-15% cheaper than making payments throughout the year.