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How to keep your insurance premiums down

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By: Chris Kouton | Jan 22, 2009 | 455 words | 114 views

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With the credit crunch tightening around most of us, this Christmas has been more about saving than spending for many people in the UK. But one of the best ways to save money and in turn free up some extra cash is to shop around and take a few simple steps when your insurance renewals come around. By following a few guidelines you can keep the insurance premiums down and give yourself that little bit more to spend on a holiday or to save for a rainy day. With that in mind, here’s a mini guide to keeping insurance premiums down.

Travel Insurance – One of the most common things to forget when holidaying abroad and is travel insurance and not having it can lead to difficulty. In other European countries you’re required to have travel insurance to cover the cost of any medical treatment you should require in the unlikely event of an accident. To keep the cost down make sure you tailor yours to your requirements and your holiday. If you know that you’re not going to be doing any water-sports or go-karting, specify this when booking your insurance as it will push the price down. And make sure you have all the necessary vaccinations if you’re travelling to somewhere exotic as not having them can invalidate your travel insurance altogether!

Home Insurance – Anything which is classed as specialist equipment to be kept on your property will make the premium of your home insurance more expensive. This can range from mountain bikes to skis or surfboards, and a handy way to stop them making your premium increase is to tell the insurance company you use that they’ll be locked away in something where thieves wouldn’t normally look, try putting your skis in the loft instead of the garage for example. Making sure that rickety side gate is fixed is also essential as insurance providers will try everything to put the blame on you as the homeowner and push the idea that you didn’t take enough care or preventative measures before a burglary took place. Make sure all your windows have secure locks and the doors have at least two key locks on them, preferably one of them being a ‘mortis’ lock.

Car insurance – As with home insurance, any extras you have will set you back. Modifying your car pushes up the premium so avoid splashing out on shiny new alloys or a new stereo unless you want to pay extra for it! You can also opt to have a more expensive excess which, in turn, will guarantee you a lower car insurance premium.

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Try using comparison sites and reputable providers like The Cooperative to find the best deals on home insurance and car insurance.

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