60% Say Insurance Premiums Are Too High, According to New Zelros Study

Thanks to modern technology, paying too much for insurance doesn’t have to be the case. Zelros’ use of artificial intelligence and machine learning help ensure policy prices are as low as possible through rapid and up to date risk assessment. This technology helps make sure more people are covered, aware of their insurance policy needs and are given highly personalized recommendations when they need it. 

Here are some tips to lower insurance premiums:

1. Review your policy coverage regularly  – This seems simple, but can really make a difference, especially since risk categories can change without you knowing it, and since we all have changes in our lives that impact our insurance needs. Through the use of AI, risk categories are being updated regularly and could save you money. Regularly reviewing your policy coverage with your insurer can help you save money on all of your policy needs.

2. Make Improvements – Home renovations can help reduce premiums. Health changes, like if you stop smoking or start exercising in the past year, can result in lower premiums. Make sure to inform your insurance provider of any substantial changes that you make to your life or property.

3. Inquire about discounts and personalized recommendations – If you bundle your insurance, it is not uncommon to receive discounts. Also, ask your insurer for personalized recommendations to your policies that could help save you money. The more specific your insurance is to you and your unique needs, the lower your premiums are likely to be.

4. Consider paying higher deductibles, and drop unnecessary coverage – If you regularly review your coverage, you might realize that you don’t need the coverage that you needed five years ago. Discontinuing extra coverage and hyper personalizing your policies to your specific needs can reduce the amount you pay. Additionally, if you can afford to, it might be beneficial to pay higher deductibles in order to reduce the cost of premiums. This works if you have a substantial “rainy day” fund for emergencies, but could still be more risky than the other options.