While I was out running early one night I couldn’t help but entertain some thoughts which were doing their own running through my mind. That’s how what I now call the insurance premium cost annihilator came into being, a simple aggregation method which brings to light some precautionary measures put into place to effectively force any insurer you take out a policy with to bring the premiums they quote and subsequently charge you right down.
Formulate good habits and document them
The grounds insurers have and make full use of to charge you the highest insurance premiums they can manage are those of pointing out some habits which form part of your life and highlighting them as risk factors, whether you’re getting auto insurance or long-term disability insurance. All of these come together to make up what is your risk profile, some of which are beyond your control, like for auto insurance if you fall within the 16-24 (young/ new driver) age group, you’re naturally quoted the highest premiums since your age group has a reputation for bearing the highest risk.
For you to bring your insurance premiums down however, you have to flip the script on the insurers and highlight some of the good habits you have which make up the focal points of their risk-assessment process. I keep fit and healthy by exercising (mostly running, which is when these thoughts permeated my mind) and eating a balanced diet whenever I can, the documentation of which habits has helped me bring down my medical insurance since the insurer sees my efforts of keeping fit and healthy as some good grounds to lessen the likelihood of me claiming due to a serious health issue.
This is where tools and platforms such as running apps (synchronised with an online data deposit) and meal planning blog posts come to the fore as the type of evidence which can be presented to your insurers as grounds to lower your premiums, so I make full use of as many of these as I can.
It’s a balancing act
Look, if I was living over in Salt Lake City in the United States I would perhaps use the services of the Summit Disability Law Group as a great tool with which to counteract a fight-back of sorts from the insurance industry in relation to identifying risk factors. As it stands now, while my health insurance has been reduced as a result of something as simple as running regularly as part of my health and fitness regime, the fact that I tend to run in the early evening is seen as a risk factor by my disability cover insurer. I’d love to see what other providers factor as risks, would the providers of this disability insurance for physicians also class early evening runs as a potential risk factor? So if that’s why I say it would perhaps have worked out more in my favour if I had been living in a place like Salt Lake City, where the mentioned law firm offers free consultation for services which are otherwise covered by disability insurance. In that specific case I probably wouldn’t need to take out the insurance which covers the legal costs specifically associated with the disability claims process.
It is indeed all about balancing things out and drilling down to the core of what makes up the risk factors associated with your life and how they relate to the insurance premiums you’ll be quoted.