Save money on insurance

Insurance is a fact of life and very of us can do without it, whether it is for the car, the home or ourselves. Of course, we all want to save money on insurance and this article outlines a few tips that you can use to make it as cheap as possible. Combine as many of these as you can to get the best possible deal.

• Shop around. This is the number one way to save money on insurance and since all the price comparison websites appeared it has become extremely easy to do. You only have to give your details once, and you can get initial quotes from dozens of providers along with a summary of each policy.
• Haggle. When you have got a few quotes from different providers, call your current insurer and see if they will beat the cheapest one. If they can’t beat it or you don’t already have insurance, just call one of the others on the list and ask them. You’ll be surprised how many providers actually ask you for the best quote you’ve got, and then offer to beat it.
• Check the cover. Make sure that the policy gives you the correct cover for your circumstances. For home insurance, your mortgage provider might require a certain level of buildings cover and for motoring insurance you need a minimum of third party insurance to legally drive your car on the road. Even if the cover isn’t required by law, for example home contents insurance, make sure that expensive or sentimental items are named individually and that the policy limit is enough to replace all your belongings if you need to.
• Watch out for unwanted extras. Make sure that you aren’t paying extra for things you don’t need. Why buy holiday insurance that covers you for extreme sports when you only want to lie on the beach, and why buy home insurance that automatically includes cover for bicycles when you don’t have any?
• Watch out for bundled insurance. If you have a mortgage or a loan, the provider will often try to sell you their own insurance policy. This is often more expensive than similar products offered by other providers, and it can pay to take out insurance separately. If you have any credit cards, check that you aren’t paying for payment protection cover if you don’t need it, especially if you pay the balance off every month. This cover is often added without you noticing, and even if you do need it there are specialist companies who can be get you a much cheaper deal.