The average Dutch person has no fewer than 8 insurance policies to his name. Together, these insurances cost several thousand euros annually. A small saving on any insurance can therefore quickly ensure that you keep hundreds of euros in your pocket at the end of a year. That’s great, of course, but how do you save all that money on your insurance? In this article we give you 11 tips how you can do that.
Which insurances are there?
You can insure yourself for almost everything in the Netherlands. Of course there are compulsory insurance, such as health insurance and car insurance, but you also have home insurance, household insurance, death risk insurance, liability insurance and travel insurance. You can imagine that if you can save five euros per month on every insurance policy, you will have extra money at the end of the month. So much so that saving 5 euros per insurance above results in additional savings of 420 euros annually. Not wrong. So let’s take a quick look at how to quickly and easily achieve that savings.
1. See if you need the insurance
You will save the most money if you don’t take out the insurance at all. To determine whether you need insurance, it is an important condition that you can cough up the damage yourself without insurance.
insurance Take, for example, the contents insurance. This way you insure the contents of your home against, for example, fire and water damage. But suppose you took all your furniture second-hand or even free from the internet. Household insurance soon costs 8-15 euros per month. The chance that something breaks in your house is minimal, so you may have to declare something once every ten years. That means that you paid between 960 and 1800 euros to the insurance. So if you do not have any designer furniture at home and you could easily arrange for new furniture, it is worth considering not taking out the insurance.
The same goes for cancellation insurance. Imagine you book a unique world trip for a few thousand euros. You book that trip a few months in advance. Of course you also invest in a cancellation insurance. But suppose you book a house in the Netherlands, and that you go there in 4 weeks. Then a cancellation insurance has little. Of course it is a shame if the trip can not go through, but if there is no one in the family in the hospital, your relationship is good and the children are healthy, then saving on cancellation insurance can easily save several tens. Of course you should only do this if you could bear the cancellation costs yourself. If you can not go away for a year because you have no money left, then spending a few extra euros is of course wise.
2. Research about you are not over insured
The Dutch are afraid of unforeseen costs. The result? We insure ourselves en masse. An example is supplementary insurance. For example, the one for the dentist. Because many people know that some treatments at the dentist cost a lot, they prefer to insure an extra 10 or even 20 euros per month to counter those costs. But do you incur costs of 120 to 240 euros per year at the dentist? Most people don’t, making them overpay year after year. After 4 years you suddenly have a bill of 400 euros for a special procedure, many people say; “I was insured for that.”
But in the end they paid a premium of 480 or 960 euros themselves in those 4 years. Are you still young, have you never needed surgery? Then consider dropping your dental insurance. Of course only if you have a piggy bank where you could pay a realistic amount for the dentist. And also note what exactly is covered in the additional dental insurance. Often the most common procedures, such as the removal of wisdom teeth, still require extra costs on your part. That is of course a shame if you already pay money every month to the additional dental insurance.
3. Do not always immediately opt for collective insurance
Many large companies offer group health insurance through the workplace. The whole family can then take out insurance with one health insurer, whereby the premium is a few percent lower than if you took out the insurance yourself. But the health insurers that take this type of action are often not the cheapest providers. They still have enough margin to get a few percent off and they also often only offer the more expensive packages. So you always opt for a more expensive package, with which you can save a few hundred euros per year with the whole family. But if you had taken out those insurance policies yourself with the cheapest health insurer, you would have saved a lot more.
4. Pay the premium annually
Do you have a piggy bank that you don’t have to do anything with in the coming year? Then pay off your health insurance and car insurance in one go. At the beginning of the year you have the option to pay the premium in one go, which gives you a discount on the total amount. The amount of the discount depends on the provider. Some health insurers and car insurers do not offer a discount.
Health insurers often give a discount of 1 or 2% on the total premium. Do you pay a healthcare premium of 125 euros per month? In that case, your advantage is 30 euros per year at a 2% discount. With car insurance, that advantage increases faster. There are also discounts of 5% or more. By paying these premiums in advance you can quickly save more than 100 euros per year. Especially if you have enough financial resources to pay in advance for an entire family.
5. Choose a continuous travel insurance
It doesn’t seem logical to be insured for vacation all year while leaving only once a year. However, it is often cheaper to take out continuous travel insurance than a separate insurance. Sometimes you are insured for less than 30 euros per year for everything that happens while traveling, while you often already pay the same for a separate travel insurance for a 14-day trip. In general, it is often better to take out continuous travel insurance when you go on holiday more than 14 days a year.
6. Increase your deductible
The word risk has a frightening effect on people. We prefer to keep as far away as possible. But have you never had to pay your deductible? In that case, you could have saved more than 1000 euros in the past 5 years. You can indicate to your health insurer yourself that you want to increase the deductible, thereby lowering the amount of your health insurance premium. Depending on your health insurer, you can increase the amount in steps or you can increase it in one go up to the maximum amount.
7. Do not take out package insurance
Most insurers try to be the cheapest in the area of one insurance. They then offer you the option of taking out all your insurance policies with that provider. That seems convenient, but many people make mistakes. Because although you may get a total discount of a few tens per year, you end up spending more money. Every year it becomes clear again that taking out individual insurance with the various providers is the cheapest. So take a few hours to look up the cheapest deals, because it can save you a lot of money.
8. Note double coverage
Many Dutch people are covered twice. For example, they have taken out glass insurance and contents insurance for their rental home, but as soon as they move to a house for sale, that glass insurance is no longer necessary. This is already automatically included in the home insurance. So make sure that you are not double insured, because being double insured does not mean that you can claim double.
9. Switch regularly
Insurers raise their prices every year. This increase is mainly due to the size of the piggy bank that the insurers currently have. If they have reserves, the amount increases considerably less than when the insurer sees its financial resources shrink. If a certain insurer was the cheapest last year, this need not be the case this year. So feel free to switch to the cheapest provider every year. It only takes you a few minutes and it sometimes saves you more than 100 euros a year.
10. Choose an online insurer
Offices and staff cost money. That is why insurers with beautiful and expensive offices are often more expensive than online insurers. Nowadays it is no longer necessary to visit for an appointment and you can just call. Then why pay a lot of money for something you don’t use? An online insurer sometimes even has better customer service because everything goes online and because they have to gain the trust of the customer. If you want cheap (health) insurance, look at insurers that only operate online.
11. Do not take warranty insurance
You are about to buy a laptop when the seller asks if you want to extend the warranty by one year. This means that you can return the laptop for 3 years under the warranty instead of 2 years. This is often not a convenient move, because you pay more to the insurance than to the profit you make with it. If the manufacturer offers the extra warranty, this is often because the product is often very reliable. If there are no problems that can be repaired under the warranty in the first two years, this is often not the case in the third year.
If you apply these 11 tips, you can be sure that you will have money left over at the end of the year. Add up your monthly savings and set it aside. You will see that by the end of the year you will have more than enough money left for a fun outing, new additions to your wardrobe or even a whole holiday!