1. Keep your eyes open for special offers due to crisis
The crisis and uncertainty, sooner or later, will be forcing Insurance Companies to come up with special offers that will provide additional incentives such as reduced premiums. Keep your eyes and your ears open to spot insurance offers and secure reductions in the premiums you pay.
2. Increase your deductible amount (excess)
Deductible is the agreed amount paid out of pocket by the insured before the compensation paid by the insurance company. For example, if the final statement of a hospitalization is €5000 and the excess is €500, then the insured will pay the first €500 and the insurance company will pay the rest, in this case €4500. More specifically and by insurance type:
a. Car (only for comprehensive insurance)
On car insurance, the usual deductible amount is about 1% of the sum insured with a minimum of €200. If you increase the deductible you get a lower rate. Be cautious though that the saving is worth the increased deductible.
b. Homes and Property
Insured amounts on homes and properties vary depending on the type of coverage and the insurance company. They start from €170 ranging up to 2.5% of the sum insured. By increasing the deductible you can get a better premium.
c. Employer’s liability
Employer’s liability insurance has no deductible amount by law, but you can reduce the amount of the sum insured if you are insured in a higher amount than the minimum required by law which is €160000 per employee per accident.
d. Health Insurance
With health insurance you can utilize many factors in order to get premium reductions, including:
A. Waiver (excess)
Increase your excess amount per hospitalization, for example €500 per incident per hospitalization. If the final account of a hospitalization is € 5000 and the insured is exempt €500, then he will pay the first €500 and the insurance company will pay the remaining €4500.
B. Participation (Co-insurance)
Participation in insurance is the percentage of expenses for hospitalization, which a policyholder undertakes to pay after deducting the excess. For example, if the final amount due for a hospitalization is € 5000 and the insured has an excess of €500 and 10% co-insurance, then he will pay the first € 500 and then 10% of the account balance before the insurance company will pay. Overall, the insured will pay €500 deductible plus €450 (10% of €4500) co-insurance, and the Insurance Company will be the remaining € 4050.
C. Selection of hospital room (private or semi-private)
Another smart way to reduce premiums is to select a semi-private room. This means that if you need hospitalization, the insurance will pay only for the cost of a double (semi-private) room instead of a single (private) room. The type of room is not a factor that will affect the quality of nursing and provides a good opportunity for reducing the premium.
D. Out-patient Care
A further option for premium reduction, is the removal of out-patient cover. It’s universally acceptable that the low costs of a routine visit, for example €50 for a doctor’s visit and €50 for prescription drugs will not break the bank unlike a stay in intensive care for a week after an accident, which can cost up to €50.000. Although it may seem strange, premiums for a small coverage of out-patient care, cost the same, or are even sometimes more expensive than the premiums paid for in-patient coverage of €200.000.
3. Renegotiate your premiums
Take advantage of the economic crisis in it’s early stages, act fast and take the opportunity to renegotiate your premiums and take advantage of any deals that may arise.
4. Opt for insurance packages rather than individual policies
Insurance packages are multi insurance-policies that include all the necessary insurances you may require from one insurance policy, with much lower premiums than buying the policies separately. For example, there are insurance packages for offices, shops, restaurants, hotels, beauty salons, houses and many more.
