With insurance costing more than ever, everyone could do with a few tips for saving some cash without compromising on cover.
The Insurance Blogger has scoured the small print and web to come up with some moneysaving hints – and in many cases, the advice comes direct from the insurers.
Compare the price
Whatever policy you are buying, always compare the prices with a reputable broker or an online comparison site.
Don’t forget some coupon sites also offer money back if you buy through them that can add up to a significant saving.
Home in on buildings and contents insurance
It’s all those little extras you don’t use like legal cover that can bump up the price.
Try fiddling with your voluntary excess with different insurers – you can often find a £200 excess with one will buy the same cover at the same price as a £250 excess with another.
Never accept a renewal quote. Always ask for a discount or shop around for a better quote. Loyalty will not buy you a better deal.
Check out cover for expensive, individual items, like rugs, antiques or jewellery as a specialist insurer for that item may be cheaper.
Driving a bargain on car insurance
Consider adding an additional driver with a good history and no-claims bonus to your policy – but don’t claim they are the main driver if they are not. That’s called ‘fronting’ and is fraud.
Comprehensive insurance is often cheaper than third party, fire and theft.
Going the distance for travel insurance
Medical expenses and holiday cancellations make up more than 90% of al,l claims under travel policies, so make sure you have adequate cover for these.
Top countries for claims are Spain, France, Turkey, Greece, Egypt and the US. Medical costs are high in non-European countries – especially the US, so make sure you have at least £500,000 of cover.
Don’t pay over the odds for cancellation cover – the average pay out is per person not for the cost of a trip, so for a family of four, paying for a return of £250 each is the most you should spend.