Saving tips for your liability insurance

Not everyone is paying the same for their liability insurance. The amount of your premium depends on a number of things that you can influence. If you act smartly before taking out liability insurance, you can therefore benefit from the lowest possible premium. In this article, you can read how you can save money on your student liability insurance.

Insure with your parents

There are special liability insurance policies for families. The entire family is then covered on the same policy. If your parents have taken out this liability insurance, chances are that you are already insured for liability.

To be co-insured on your parents’ insurance you must meet the following conditions:

• You are a student
• You are living at home or living away from home
• You are unmarried

If this is your situation, you do not have to take out your own liability insurance at all.

Insure with your friend

Do you live together with your boyfriend or girlfriend? It is then a lot cheaper to take out liability insurance together. You pay more premium for two separate insurance policies than for a joint insurance policy. Cancel one of the two insurance policies and have the other name added to the second insurance policy or take out a new insurance policy together.

Review your insurance every year

The conditions and premiums can change every year. It may be that the insurer who is the best and cheapest option in one year is no longer as cheap in the following year. Therefore, it is wise to compare insurers every year. We also compare all insurers every year and compile a new Top 5 based on this. View the Top 5 liability insurance policies now.

Keep the insured amount low

You can often choose from different amounts that can be paid out in the event that you cause damage to someone else. These amounts that you can choose from vary per insurer, but are usually:

• 500,000 euros
• 1,000,000 euros
• 2,000,000 euros

The height of the insured amount influences the amount of your premium. Don’t you have much to spend? Then take out liability insurance with an insured amount of 500,000 euros. So you pay less premium.

Increase your deductible excess

The deductible excess is a certain amount that you must pay yourself when you cause damage to third parties. A number of insurers have no deductible excess on the amount that will be paid if you cause damage to third parties, while other insurers do use deductibles. Some liability insurers also offer the option of voluntary deductible excess. The amount of the deductible has an impact on the premium that you have to pay. The higher your deductible excess, the lower the premium you have to pay.

Adjust the payment term

You can choose from different terms in which you will pay the premium for your student liability insurance. The different terms are:

• Per month
• Quarterly
• Per year

The payment term can affect the amount of the premium that you pay in total. Some insurers offer a discount on the total amount when you pay the premium for a year in advance.