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Cheap insurance

People looking for cheap insurance need to consider how to get better value for the amount they pay.

The first thing to do when looking for cheap insurance is to shop around to see if similar cover levels are available from other providers for less money.

Following this, there are a number of ways to bring down the cost of cover that apply regardless of provider.

Firstly, cover levels; how much cover do you actually need? The lower the possible pay out, the cheaper the insurance premium.

Secondly, there is the excess amount. It might be worth having a larger initial excess and a cheaper premium if you are unlikely to claim on the policy.

Thirdly, method of payment; insurers can charge significantly more for splitting the payment over several instalments over the year, and might offer discounts for up-front payments. Monthly direct debits can also end up costing more than paying up front for a year.

And finally, online insurance; the majority of insurance providers now offer discounts to people that sign up to their policies online or over the phone rather than in person. Discounts are typically around ten per cent.
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