How to Save Money on Insurance


You can save literally thousands of pounds by shopping around for cheaper insurance policies. You need to make sure, of course, that the policy offers the right type of cover for you, and be aware of any exclusions in the policy. You should also be aware of any excesses you would be required to pay in the event of a claim. Check that you are buying insurance at the correct level for your needs: many people are under- or over-insured, which can be expensive or cause problems later if they need to make a claim. So go through all your insurance needs, then look for the best deal. To get you started, here are a few you might like to check:

  • Life insurance
  • Home contents insurance
  • Buildings insurance
  • Motor vehicle insurance
  • Health insurance
  • Travel insurance
  • Critical illness/income protection insurance
  • Pet insurance

By the time you’ve worked your way through all your insurance needs and found the best possible prices, you will have saved yourself a huge amount of money. For example, by switching my car insurer this year I halved my annual premium and got Green Flag roadside vehicle recovery thrown in for free. This enabled me to cancel my AA roadside vehicle recovery membership and save myself a further ¬£156 a year. So get busy on the internet, or if you’re not online, choose a handful of insurance brokers from your local telephone book and ask them to find the best deal available. It doesn’t hurt to let them know you are shopping around – it will provide on added incentive for them to track down the best deal on your behalf.

Other financial services

What about your pension plan – are you getting the best deal? And do you know the interest rates you are paying on your loans and any hire purchase agreements? Moving your borrowing to a cheaper lender could save you a fortune in interest, but remember to look out for any early redemption penalties. If you do move your borrowing, do not be tempted to borrow more than you currently owe. The object of this exercise is to reduce your debt, not increase it.

Also try logging on to the Financial Times website, http://news.ft.com/yourmoney. In addition to clear explan¬≠ations on matters ranging from choosing your insurance to how the stock market works, this site allows you to compare different companies’ quotations for pensions, insurance, mortgages, personal loans and utilities such as gas and electricity, and buy online. You can even check the latest share prices.

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About the Author: Marie Mayle is a contributor to the MegaHowTo team, writer, and entrepreneur based in California USA. She holds a degree in Business Administration. She loves to write about business and finance issues and how to tackle them.

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