CHESTER, England, December 21, 2011 /PRNewswire/ --
- Save over £1,100 by following these top ten insurance tips from MoneySupermarket.com
- Shopping around for car insurances savings £372 on average
- Quitting smoking could save you around £240 on life insurance cover
MoneySupermarket.com reveals quick and easy ways to save a typical family over £1,100 on their annual insurance costs.
Peter Harrison, insurance expert atMoneySupermarket.com, said: "With the cost of Christmas undoubtedly making a dent in peoples' wallets, many will be looking for ways to reign in their outgoings in the New Year. Making savings on every day finances such as insurance can be made by shopping around and taking some easy steps to reduce premiums. Looking across the board at standard insurance products, a family could see savings of over £1,100 in 2012- an impressive boost to the savings pot to start off the New Year."
Top tip 1 - Shop around for the best value deal for your circumstances - save £372.
[Based on the average saving made when using moneysupermarket.com to shop around for car insurance]
Top tip 2 - By adding an older driver who also drives the vehicle to their policy, younger drivers can make significant savings - save £165.
Top tip 3 - Add a partner - save £32.
Top tip 4 - Halve your mileage by car-pooling with a colleague - save £17.
Top tip 5 - Opt for fully comprehensive car insurance rather than third party only cover - save £97
Top tip 6 - Pay annually instead of monthly - save £16.
Top tip 7 - Shop around for the best value deal for your circumstances - save £127
[Based on the average saving made when using moneysupermarket.com to shop around for home insurance]
Top tip 8 - Give up smoking - save£240 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.]
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 £28
Overall total: £1,118
Notes to Editors:
Motor insurance Scenario: Male 01.01.1961, Ford Focus 06 NJ56 OTX Parked on Drive GBP250 excess 5 years no claims financial advisor ME15 Top tip 1 - Shop around Average amount saved by shopping around GBP371.53 Top tip 2 - Young driver adding an older driver to policy Premium with GBP600 total Premium with Parent Provider excess Insurer with GBP300 excess Difference elephant.co.uk GBP1,337.11 elephant.co.uk GBP1,171.75 GBP165.36 Young Driver aged 19 driving a 2005 Ford KA - 1 year no claims - student Parent aged 49 - 5 years no claims - Financial Advisor Top tip 3 - Add Partner Lowest Premium with Lowest Premium on Own with Partner with GBP250 Provider GBP250 excess Provider excess Difference Prudential GBP271.36 LV= GBP239.13 GBP32.23 Female 01.01.1964 Housewife Top tip 4 - Mileage Premium at 5,000 Premium at 10,000 miles miles with GBP250 Provider with GBP250 excess Provider excess Difference Prudential GBP271.36 Prudential GBP254.40 GBP16.96 Top tip 5 - 3rd Party Only vs Fully Comp Provider 3rd Party Provider Fully Comp Difference iGO4 Insurance GBP368.53 Prudential GBP271.36 GBP97.17 Sourced by www.moneysupermarket.com 07.12.2011 Home insurance Scenario: Market Value = GBP360,000 Rebuild Value = GBP210,000, Contents = GBP35,000 Milton Keynes MK5 7AN Nacoss Alarm, 2 Smoke Alarms 3 Bed Semi-Detached built in 1980 5 years no claims GBP100 excess) Top tip 6 - Pay annually instead of monthly Monthly Payment over Annual premium with GBP100 12 Months with GBP100 Provider excess excess Difference Budget GBP117.45 GBP133.44 GBP15.99 Top tip 7 - Shop around Average amount saved by shopping around GBP127.35 Life Insurance (Scenario: 45 year old male Level Term GBP100,000 over 25 years) Top Tip 8 - Life Insurance Annual Premium Annual Premium Provider Non Smoker Smoker Difference LV= GBP207.48 GBP448.08 GBP240.60 Travel Insurance (Scenario Couple age 30 - two weeks to Spain) Top tip 9 - Independent travel insurance Provider Premium OUL Direct OUL Silver Single Trip GBP9.65 Thomas Cook Economy Single Trip - Europe GBP33.46 Difference GBP23.81 Top Tip 10 - Single Trip vs Annual Provider Premium OUL Direct OUL Silver Single Trip (Spain, 2 weeks) GBP9.65 OUL Direct OUL Silver Single Trip (Maldives, 2 weeks) GBP19.00 OUL Direct OUL Bronze Single Trip (UK, Weekend) GBP7.50 Top Dog Economy Single Trip (USA, 2 weeks) GBP26.61 Cheaper Travel Insurance Annual Multi Trip Standard inc USA GBP35.13 Difference GBP27.63 Sourced by www.moneysupermarket.com 07.12.2011
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