Insurance is a vital part of everyday finances for us all; but there is no need to pay over the odds for it, especially at a time when seasonal spending takes over our finances. moneysupermarket.com reveals quick and easy ways to save a typical family over £1,315 on their insurance.
Despite reports Brits are expected to spend half what they did in 2008 on Christmas this year*, "Mega Monday" saw them spend a whopping £1.4million online in one minute**, with total sales expected to reach over 400million***. To make up for this Christmas splurge, UK's leading price comparison site reveals ten top tips to save on everyday insurance policies.
Steve Sweeney, insurance expert at moneysupermarket.com, said: "While insurance is essential for financial security and peace of mind, it is important Brits only opt for a level of cover relevant to their needs, and at the best available price. Many people make the mistake of over-estimating the level of cover needed on their home and car insurance for example. At a time when we are likely to be splashing out on Christmas presents, it is important people remember that their outgoings can be trimmed by shopping around and taking several easy steps to reduce their insurance premiums.
"Across the board on standard insurance products, a family could see impressive savings of over £1,315 in 2010 - a great kick start to the New Year."
Motor Insurance:
Top tip 1 - Younger drivers can make huge savings by adding an older driver to their policy - save £611.
Top tip 2 - Shop around for the best value deal for your circumstances - save £157.
[Based on the average saving made when using moneysupermarket.com to shop around for motor insurance]
Top tip 3 - Add a partner - save £39.
Top tip 4 - Halve your mileage by car-pooling with a colleague - save £12.
Top tip 5 - Opt for fully comprehensive motor insurance rather than third party only cover - save £90
Total = £909.
Home Insurance:
Top tip 6 - Pay annually instead of monthly - save £13.
Top tip 7 - Shop around for the best value deal for your circumstances - save £116
[Based on the average saving made when using moneysupermarket.com to shop around for home insurance]
Total = £129.
Life Insurance:
Top tip 8 - Give up smoking - save £238 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 £33.
Top tip 10 - Choose annual rather than single trip policies if planning to travel abroad more than once a year - save £6
Total = £39
- Ends -
Notes to editors:
*http://www.datamonitor.com/store/Product/toc.aspx?productId=BFVT0065
**http://www.imrg.org/8025741F0065E9B8/(httpNews)/40AD7CC56A44D1BB8025768500538272?OpenDocument
***http://www.dailymail.co.uk/news/article-1233799/Manic-Monday-Christmas-shoppers-prepare-spend-record-417million-online-today.html
Motor insurance
Scenario: Male 01.01.1964, Ford Focus 06 NJ56 0TX Parked on Drive £250 excess 5 years no claims financial advisor) M20
Top tip 1 - Young driver adding an older driver to policy
|
Provider |
Premium with £250 excess |
Insurer |
Premium with Parent with £250 excess |
Difference |
|
Swiftcover |
£2,043.99 |
insureyourmotor |
£1,433.10 |
£610.89 |
Young Driver aged 20 - 1 year no claims - telesales
Parent aged 45 - 5 years no claims - housewife
Top tip 2 - Shop around
|
Average amount saved by shopping around |
£157 |
Top tip 3 - Add partner
|
Provider |
Lowest Premium on Own with £250 excess |
Provider |
Lowest Premium with Partner with £250 excess |
Difference |
|
Swiftcover |
£310.95 |
LV= |
£271.93 |
£39.02 |
Female 01.01.1964 Housewife
Top tip 4 - Mileage
|
Provider |
Premium at 10,000 miles with £250 excess |
Provider |
Premium at 5,000 miles with £250 excess |
Difference |
|
Swiftcover |
£310.95 |
Swiftcover |
£298.98 |
£11.97 |
Top tip 5 - Fully comprehensive cover
|
Provider |
3rd Party Only |
Provider |
Fully Comp |
Difference |
|
Auto direct |
£400.65 |
Swiftcover |
£310.95 |
£89.70 |
Home insurance
Scenario: Market Value = £170,000 Rebuild Value = £90,000, Contents = £35,000 Milton Keynes MK5 7AN Nacoss Alarm, 2 Smoke Alarms £35,000 contents 3 Bed Semi-Detached built in 1980 5 years no claims £100 excess)
Top tip 6 - pay annually instead of monthly
|
Provider |
Annual premium with £100 excess |
Monthly Payment over 12 Months with £100 excess |
Difference |
|
Churchill |
£129.15 |
£142.08 |
£12.93 |
Top tip 7 - Shop around
|
Average amount saved by shopping around |
£116 |
Life Insurance
Scenario: 45 year old male Level Term £100,000 over 25 years
Top Tip 8 - Give up smoking
|
Provider |
Annual Premium
Non Smoker |
Annual Premium
Smoker |
Difference |
|
Legal & General |
£236.16 |
£474.62 |
£238.46 |
Travel Insurance Scenario Couple - two weeks to Spain
|
Provider |
Premium |
|
Elect Travel Insurance
Essentials Single Trip |
£8.88 |
|
Thomas Cook
Economy Single Trip - Europe |
£41.99 |
|
Difference |
£33.11 |
Top tip 10 - Single Trip vs Annual
|
Provider |
Premium |
|
Single trip |
|
|
Elect Travel Insurance
Essentials Single Trip to Spain for 1 weeks |
£8.38 |
|
Holiday Extras
Supersaver Single Trip to Portugal for 1 weeks |
£11.96 |
|
Simply Travel Insurance
Bronze Single Trip to USA for 2 weeks |
£24.76 |
|
Provider |
Premium |
|
Annual trip |
|
|
Insurewithease
Bronze AMT Worldwide |
£38.78 |
|
Difference |
£6.32 |
Sourced by
www.moneysupermarket.com 09.12.2009
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