Insurance premiums rose for many consumers in 2023. To help Brits navigate this process, the insurance experts at Pikl Insurance have compiled a list of 11 practical tips to keep your insurance costs in check.

These expert insights from Pikl’s insurance specialist, Cliff Ward, aim to empower UK consumers to make informed decisions and help save during the upcoming expensive winter months.

Shop Around Annually

The insurance market is ever-changing, and prices can vary significantly from year to year. Make it a habit to shop around for insurance every year to ensure you’re getting the best deal possible. Staying loyal to one insurer may cost you more in the long run.

Plan Ahead for your Renewal

Give yourself enough time to purchase insurance before your current policy renews. If you pay by direct debit, your insurer may approach your bank 3-5 days before your renewal date. Early preparation allows you to explore your options thoroughly.

Opt for Annual Payments

Choosing to pay your insurance premium annually instead of monthly if you can afford it could result in substantial savings. While monthly payments may seem convenient, they often come with higher costs, so this is one to consider if you have the budget to do so.

Leverage Comparison Sites

Use reputable insurance comparison websites to compare quotes from various insurers easily. These platforms make it convenient to explore multiple options and find the best deal.

Accurate Rebuild Cost

Utilise tools like the BCIS calculator to determine the accurate rebuild cost of your property. Over-inflating this value could lead to unnecessary premium increases, so ensure you have an accurate estimate.

Explore Direct Insurer Websites

Not all insurers are listed on comparison sites, and some may offer exclusive deals through their own websites. Don’t overlook the possibility of finding better rates by going directly to the insurer.

Try Specialist Brokers for Specific Cover

If you require specialised coverage, such as insurance for Airbnb or holiday home hosting, consider using a specialist broker. Companies like Pikl can provide tailored solutions alongside a price comparison service to find the best deal for your unique needs.

Mindful of Optional Add-Ons

Not purchasing optional cover add-ons could be another way of reducing costs but be cautious when considering this. Evaluate your actual needs and don’t skimp on necessary coverage. Some add-ons may provide valuable protection in the event of a costly claim.

Compare Hidden Savings

When contemplating reducing coverage, consider the potential savings versus the cost of potential claims. Cutting essential coverage to save on premiums could backfire if you find yourself facing a substantial expense later.

Evaluate Switching Mid-Term

Assess the savings versus cancellation costs when thinking about switching insurers mid-term. Sometimes, the savings from a new policy may outweigh the cancellation fee of your existing one.

Value Over Cost

Prioritise value for money over the cost of the policy. A cheaper quote doesn’t necessarily equate to better value. Before seeking quotes, assess the coverage you require and ensure that you are adequately protected over all else.