Insurance premiums continue to outpace inflation, but consumers who automatically accept the higher premium quoted in their annual renewal notices risk paying more than they should. show home building insurance premiums increased by 13.9 per cent in the year to March 2024, followed by comprehensive motor vehicle insurance at 12.7 per cent and home contents at 3.7 per cent.
Ensure you compare it against others on the market, paying attention to the sum insured, excess and any optional cover you may have. One way homeowners could keep their insurance premiums down is by increasing their “excess” – the amount of out-of-pocket costs in the event of a claim. He says you should consider some of the lesser-known insurers who are often backed by well-known underwriters.Martine Lobo, the head of general insurance at Compare the Market, says similar to home insurance, a higher excess on comprehensive vehicle insurance will generally lead to lower premiums.Another way to save on premiums is to insure your vehicle for “market” value where, if your car were to be written off, the benefit would depend on its age and value rather than the “agreed” value.
Perhaps your children have moved out of home and no longer use your car, which can result in a lower premium, so make sure you tell your insurer, she says.