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Money Saving Tips

Reducing Insurance Costs?

Lowering your insurance cost is linked to the information you enter, meaning there is often not much you can do to lower your price (unless you move!). Many people are often tempted to stretch the truth in order to reduce their costs, which puts customers in a vulnerable position. An insurer could invalidate your policy or claim should they establish that information used was false or misrepresented – so always be truthful in your quotes.

There are some areas you could look at to reduce your costs, which wont leave you exposed.

• Sums Insured – A number of insurers offered 'blanket cover' which is great to know you're covered, but when comparing to other insurers if could mean you're not getting the best price. Check your buildings and contents sums insured are the required amount.
• Index Linking – Some insurers index link (increasing the sums insured in line with the Consumer Price Index) their policies to increase the cover year on year – if you've had a blanket level policy and then this is index linked, you could be paying for much more cover than you need.
• Security – Do you have modern locks, alarms, smoke/co2 detectors? Not only could they reduce your insurance but also save your life!