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."

Car Insurance:

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

Total =£684

Home Insurance:

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]

Total =£143

Life 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.]

Travel Insurance:

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

Total =£51

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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SOURCE moneysupermarket.com