8th August 2023

Experts Share Top Tips for Saving On Your Insurance Costs This Year

With the rising cost of living in the UK, many consumers are keeping regular tabs on their spending and looking for ways to cut costs where possible.

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Experts Share Top Tips for Saving On Your Insurance Costs This Year
Insurance Cost

With the rising cost of living in the UK, many consumers are keeping regular tabs on their spending and looking for ways to cut costs where possible. 

With this in mind, insurance broker One Sure Insurance, has shared their top tips for saving money on car, home, and travel insurance this summer. 


Car Insurance

Buy cover in advance 

If you are renewing your car insurance, it can often work out cheaper to buy it ahead of time, rather than waiting until the last minute to renew. 

Insurance providers often consider people who buy ahead of time to be more organised and risk averse and see them as less likely to be involved in an accident, which means they are able to offer lower rates. 

Your current provider will typically send you an email reminder a month before your car insurance is up for renewal, however the best deals will be available around three weeks before your renewal date. Insurance policies then tend to get more expensive, the closer it gets to your renewal date. 

Try to avoid purchasing car insurance more than a month before the renewal date, as you can miss cheaper policies from insurers who aren’t willing to provide quotes that early. 


Consider getting a black box 

Also known as telematics, black box car insurance often involves fitting a small GPS device into your car which monitors your driving ability and reports this data back to the insurer. 

A black box policy is particularly good for driving down costs, as it rewards safer drivers with lower insurance rates, as they are deemed to be lower risk.  

Younger or new drivers are considered high risk by insurers, so tend to be offered the most expensive policies, but opting for a black box can cut hundreds of pounds from your policy when it comes time to renew. 

While black boxes are popular among younger drivers, drivers of any age and experience level can use them to bring down their insurance costs.      


Home Insurance 

Specify what sort of cover is needed 

Whether looking for ‘building cover’ or ‘content cover’ for personal belongings, make sure to be specific about what the insurance is for. Over-insuring can increase your premium and means customers often end up paying more than is necessary.  

Make sure to determine exactly how much of the building needs to be covered by insurance, or which belongings will be included under content cover. Many insurers also offer combined buildings and contents insurance, which may prove to be cheaper than buying both separately.   


Purchase or mention about home security devices 

Another way to save on home insurance is to invest in security devices. Some insurance providers offer discounts for having deadlocks on doors or a home security system to monitor potential intruders. This demonstrates to your insurance provider that you are proactively trying to keep your home safe and reduce the risk of possible break-ins. 

Other security options that can contribute towards reduced home insurance rates include surveillance cameras, window locking mechanisms, and alarm systems. Therefore, if you already have any of these installed, it’s worth mentioning this to your insurance provider.  


Travel Insurance 

Combine cover 

When travelling in a group, it can actually be cheaper to purchase travel insurance for the entire group, rather than purchasing it individually. 

There are usually policies available for couples, families, or large groups that can be purchased at a lower cost. These options are cheaper since the risk is shared between more people and age is not factored into premiums, as with individual plans. 

It is important to note that it may be more cost-effective to purchase separate policies if someone in the group has a pre-existing medical condition however, as this can requires its own insurance. 


Apply for a GHIC Card 

A Global Health Insurance Card (GHIC) entitles the holder to free or reduced treatment costs for medical emergencies in the European Union. UK residents can apply for a free GHIC card through the NHS website before heading abroad. 

It is important to remember that a GHIC card is not a replacement for travel insurance as it cannot provide free treatment everywhere and will not cover payment for travelling home in a crisis. 

Categories: Articles, Finance/Wealth Management

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