Just get them on the phone when you receive your latest bill and ask ‘How can I reduce my premium?’ and wait for the answer.
You will find that there are plenty of variables you can adjust that won’t affect the level of cover you are seeking to achieve and this can reduce your premium. Also even if you don’t change a single setting on your policy this magic question is guaranteed to surprise you with positive results if you ask it often enough.
The latest example from my personal experience was for an insurance policy covering an investment property in Brisbane I recently renewed. I asked the magic question and received a $50 discount off the premium , nothing was changed about the policy, just the price I paid. For a five minute phone call this works out an hourly savings rate of $600/hr. Money saved is just as good as money earned as it’s all the same in terms of profit.
I ask this question every year for all insured products and have often received hundreds of dollars in reductions.