5 ways to get insurance discounts

Are you one of those people who, as soon as they receive an insurance quote, immediately scroll down to the bottom of the page to look at the final price?

It is completely normal. However, focusing solely on the price tag often makes us forget the most important thing: checking the actual level of protection the policy offers. It is like going to a restaurant and ordering a meal based entirely on how cheap it is, only to realize when the plate arrives that you hate the food.

Having said that, we understand that balancing the household budget and saving money is incredibly important. The good news is that you do not have to sacrifice essential coverage to lower your monthly bills. Here are the Folime team’s top 5 strategies to unlock major insurance discounts without compromising your family’s safety.

1. Bundle Your Policies with the Same Company

The technical term for this in the financial world is «bundling». It simply means keeping multiple insurance products—like your car, home, and life insurance—under one single provider.

Why does this work? The stronger your relationship is with an insurance company, the harder it is for you to leave them for a competitor. Insurers want long-term loyalty. Therefore, they actively reward customers who bring them more business. By bundling your auto insurance with your home or family health insurance, companies will routinely offer automatic portfolio discounts ranging from 5% to 15% off your total premium.

2. Leverage Your Broker’s Insider Knowledge

If you are buying insurance directly online, you might be missing out on hidden savings. An independent insurance broker is your best financial friend.

The advantage of using a professional mediator is that they know the market inside and out. They have access to specific promotional codes and B2B discounts that are not advertised to the general public. Furthermore, as they get to know your family’s evolving needs, they can tailor your policy perfectly. For example, a good broker will know exactly how to tweak your home insurance to cover that expensive new laptop your child got for Christmas, without drastically increasing your monthly bill.

3. Go Green and Use Partner Networks

Taking out an insurance policy today means entering a broader financial community. It has become incredibly common for insurers to offer their clients access to exclusive partner networks, providing massive discounts on gym memberships, private clinics, pharmacies, and even car repair shops.

Furthermore, you can often get an immediate discount simply by changing how you receive your mail! Many insurers offer a «Green Discount» or waive your initial policy setup fees if you opt out of receiving paper documents and agree to handle all your billing and communication digitally via their app. It saves them administrative costs, and they pass those savings directly to you.

4. Time the Market and Watch for Campaigns

The insurance market is highly dynamic and competitive. Companies are constantly fighting for new customers by launching aggressive marketing campaigns, especially at the beginning of the year or during the «Back to School» season.

Keep an eye out for these seasonal promotions. You can often find campaigns that allow you to upgrade a basic policy to a premium tier at no extra cost, or get the first two months of a new policy completely free. However, pay close attention to the fine print and deadlines, as these promotional discounts usually only apply to the first year of the contract.

5. Take Control of Your Own «Risk Profile»

The premium you pay is rarely a random number. It is mathematically calculated based on the risk you pose to the insurer. If you actively reduce your risk, the company will legally reduce your price. Here is how you do it across different policies:

Car Insurance: The No-Claims Bonus

Practicing safe, defensive driving directly decreases your risk of causing an accident. Your driving history is the single most important factor in calculating your car insurance premium. If you go several years without filing an at-fault claim, you will be rewarded with a massive «no-claims bonus,» cutting your premium significantly.

Home Insurance: Play with Your Deductible

Simple decisions, like buying a fire extinguisher, installing a reinforced security door, or setting up a monitored burglar alarm, instantly lower your home’s risk profile, resulting in cheaper premiums.

However, the fastest way to drop your monthly home insurance bill is to raise your deductible (the amount you pay out of pocket before the insurance kicks in). If you agree to a €500 deductible instead of a €0 deductible, your monthly payments will plummet. This is a smart move if you have a healthy emergency savings fund.

Life and Health Insurance: Invest in Your Body

Insurers love healthy clients! Maintaining a healthy BMI, avoiding tobacco, and proving you have an active lifestyle drastically reduces your risk of chronic diseases. When applying for life or health insurance, proving that you do not smoke and have excellent blood work will automatically qualify you for the cheapest, top-tier pricing brackets available.

Disclaimer: The information provided in this article by Folime is for educational and financial planning purposes only. Discount availability, percentages, and conditions vary widely depending on the insurance provider and your country of residence. Always consult with a certified insurance broker for personalized advice.