Consumers could make significant savings by changing the way they buy home, motor, and travel insurance
Save £451 with top insurance tips
Thursday, 17 Mar 2005 09:21
Britons could save as much as £451 a year on home, motor, and travel insurance by making simple changes to where and how they buy cover.
Price comparison website insuresupermarket has found that shopping around could save UK residents £256 a year.
"Many people feel that they are paying out a lot of money to insurance companies for little tangible return," said Richard Mason, director insuresupermarket.
"Buying insurance is simply buying peace of mind so it is essential that people buy the right cover for their needs. However this need not break the bank," he added.
In addition to the £256 savings that are available by shopping around for cover, a few additional changes could save consumers £195 on the cost of their cover.
Mr Mason adds that while people often claim for small things, if cover is in place for emergencies only "you will find your insurance costs will drop, but should the worst happen you will still have the right cover".
insuresupermarket's top tipsHome Insurance - Making annual instead of monthly payments could save 30 per cent on some policies - £18 a year. Additionally, putting approved door and window locks in your home, and installing an alarm, could save a further £21. By increasing the voluntary excess on home insurance policies a further £23 could be shaved from premiums.
Motor Insurance - halving mileage, by car sharing or telling the insurer if you only use the car at weekends, can cut £29 from premiums. Once more, increasing the voluntary excess on policies, in this case to £250, could produce savings of £20. Younger drivers could save £23 by adding an older driver to the policy and upping voluntary excess to £250.
Life Assurance - By giving up smoking consumers could save £55 a year if male and £42 if female.
Payment Protection Insurance - By carefully considering payment protection deals offered on loans, consumers could save £18 a month by choosing the best deal from an independent provider; this could amount to £651 over the term of a three-year loan.
Travel Insurance - By taking insurance from an independent source holidaymakers can save £68 on a single-trip policy and £69 on an annual policy.
Shop around - Most important of all, by shopping around for insurance consumers can save £256 on average.