• / Blog
  • / Rising Premiums: 5 Key Questions to Ask Your Insurance Adviser

Rising Premiums: 5 Key Questions to Ask Your Insurance Adviser

  • Adroit Insurance and Risk
  • February 28, 2024

In today’s Australian insurance market, with its ever-increasing premiums, staying informed and actively managing your policies is more important than ever. Here are five crucial questions to discuss with your insurance adviser to better navigate the complexities of rising premiums.

  1. “How Can I Adjust My Policy to Accommodate Rising Premiums?” It’s vital to understand how to balance your coverage needs with rising costs. Ask your adviser about modifying your policy, perhaps by adjusting your excess or reassessing the sum insured, to keep your premiums manageable without significantly compromising your coverage.
  2. “Are There More Affordable Policies That Still Meet My Needs?” The insurance market is highly competitive, with numerous providers offering a range of products. Enquire if there are alternative policies that provide the necessary coverage at a more economical rate. Your adviser should be able to compare different policies and suggest the most cost-effective options.
  3. “How Do My Current Benefits and Features Compare to the Latest Market Offerings?” The insurance industry is continuously evolving, with new products frequently entering the market. It’s essential to periodically review your policy against newer options to ensure that you are not missing out on better coverage or more favourable terms at a similar or lower price point.
  4. “What Steps Can I Take to Reduce My Risk Profile and Lower My Premiums?” Often, premiums are based on risk assessments. Discuss with your adviser any potential steps you can take to lower your risk profile. This could involve home security improvements, lifestyle changes, or even professional development in certain cases, which could lead to more favourable insurance terms.
  5. “What Are the Long-Term Implications of Sticking with My Current Policy Amid Rising Premiums?” Consider the future impact of staying with your current policy. Ask your adviser about the projected trajectory of premium increases and how this will affect your long-term financial planning. It’s important to understand how your insurance fits into your broader financial strategy, especially with changing market conditions.

With premiums again increasing, especially for homes and cars, it’s important to talk to your insurance adviser to make sure you have the right mix of insurance policies and coverage to meet your needs and budget.

Leave a Reply

Your email address will not be published. Required fields are marked *