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Most people want lower insurance costs but are often too lazy to do anything about it. All it takes is a little time and effort and you could be looking at a reduced insurance premium.

Here are some useful tips on reducing insurance costs:

Shop Around

Although it may sound an obvious thing to do, you will be surprised at how many people just renew their policy without comparing prices. It`ll take some time, but could save you a good sum of money.

Check consumer guides, insurance agents and online insurance quote services. Ask friends what they are paying for their policies. This will give you an idea of price ranges and tell you which companies have the lowest prices. But don`t consider price alone. The insurer you select should offer a fair price and deliver quality service.

Raise Your Excess Amounts

Excess amounts are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your excess, the more money you can save on your premiums.

Buy your home and car policies from the same insurer

Some companies that sell homeowner, car and personal liability insurance policies will offer you a reduced premium if you buy two or more insurance policies from them. But make certain this combined price is lower than buying the different policies from different companies.

Improve your home security

You can usually get discounts for fitting a smoke detector, burglar alarm or dead-bolt locks. Some companies offer quite substantial reductions on premiums if a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations is installed. These systems aren`t cheap and not every system qualifies for a discount. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you`d save on premiums.

Maintain a good credit record

Establishing a solid credit history can cut your insurance costs. Insurers are increasingly using credit information to price homeowners` insurance policies.

To protect your credit standing, pay your bills on time, don`t obtain more credit than you need and keep your credit balances as low as possible.

Stay with the same insurer

If you`ve kept your policy with a company for several years, you may receive a special discount for being a long-term policyholder. But make certain to periodically compare this price to ensure that you are getting the most competitive price.

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