Top insurance tips to save on insurance in 2011
Insurance is a vital part of everyday finances for us all; but there is no need to pay over the odds for it. moneysupermarket.com reveals quick and easy ways to save a typical family nearly £1,500 on their annual insurance costs.
Julie Owens, insurance expert at moneysupermarket.com, said: "With recent reports that "Mega Monday" saw online consumers spending a record breaking £1million online in a single minute, and with total sales expected to reach over 500million, many people will be looking for ways to reign in their outgoings in the New Year to make up for the Christmas splurge. Savvy spenders should remember, however, that it's not only the turkey and the tree that can be trimmed- savings on every day finances such as insurance can be made by shopping around and taking several easy steps to reduce premiums. Looking across the board at standard insurance products, a family could see savings of over £1,424 in 2011- an impressive New Year boost to the savings pot."
Car Insurance:
Top tip 1 - Younger drivers can make huge savings by adding an older driver to their policy - save £467.
Top tip 2 - Shop around for the best value deal for your circumstances - save £286.
[Based on the average saving made when using moneysupermarket.com to shop around for car insurance]
Top tip 3 - Add a partner - save £27.
Top tip 4 - Halve your mileage by car-pooling with a colleague - save £31.
Top tip 5 - Opt for fully comprehensive car insurance rather than third party only cover - save £192
Total = £1,003
Home Insurance:
Top tip 6 - Pay annually instead of monthly - save £15.
Top tip 7 - Shop around for the best value deal for your circumstances - save £132
[Based on the average saving made when using moneysupermarket.com to shop around for home insurance]
Total = £147
Life Insurance:
Top tip 8 - Give up smoking - save £235 on insurance.
[In order to be classed as a ‘non-smoker' and qualify for life insurance premium savings, insurers insist smokers have kicked the habit for a full year.]
Travel Insurance:
Top tip 9 - Choose the best deal from an independent provider rather than accepting the standard deal from your travel agent - save £24.
Top tip 10 - Choose annual rather than single trip policies if planning to travel abroad more than once a year - save £21
Total = £45
Overall total: £1,430