If you drive you’ll probably be aware that car insurance premiums are rocketing at the moment. Home contents and buildings insurance goes up and down depending on various circumstances but it’s rarely cheap in the first place. And some insurances are easy enough to do without. See how much you can cut off your annual insurance bill by ditching policies, reducing your cover or increasing excesses. Here’s some tips.
How many policies do you have? See if any of them overlap. And check whether you can do without any of them.
Some of us are insured to the hilt, others sail along happily with the bare basics. If you’re a serial insurance buyer try to curb your enthusiasm and ditch everything but the policies you really need. Think things through; would you actually be better of self-insuring, preparing to cover the costs yourself if things go wrong? How likely is it that things will go dog-shaped and you’ll need to make a claim?
Do you really need an accidental damage option on your home contents policy? It’s one of the most expensive elements of home insurance but unless you’ve got little kids or you’re seriously accident prone, it’s not always worth the extra expense.
Does your child really need to learn to drive at seventeen? 17-25 year olds are more likely than any other age group to have a serious car accident and insurance companies have no choice but to apply massive premiums to young drivers because they’re such a high risk. Make ‘em wait until they’re a sensible, safer age before letting them loose on the roads and you can save literally thousands of pounds on their car insurance. In the meantime they can walk or get the bus and stay greener as well as safer.
Most common or garden insurance policies these days offer a choice of excesses, with a higher excess often leading to lower premiums. Increase the excess on your home, pet, car and travel policies and shave pounds off the cost of cover.