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i The advice on this page applies to anyone with personal debts taken out in the UK.

Saving money and increasing income

How can I save money on insurance?

If you drive a car or own your home, then paying for house and car insurance is pretty much unavoidable. There are still ways you can reduce the monthly cost.

It's easy to let your insurance policies auto renew, but you could save money by comparing quotes from other providers. There are other areas in your budget where this money could be better used.

Switching to another insurance provider is an easy process. If you feel you’re paying too much, try to switch to another provider who can give you a better deal.

Check your bills

When payments are made by direct debit, it can be easy to overlook them. Try to keep an eye on how much you're being charged each month, and if it increases, ask your provider why.

Mid-contract price rises do happen, and technically your insurance provider isn’t breaking the rules by increasing your payment. However, you do have the right to complain to your provider if you feel the increase is unfair.

Make a note of when your policy ends

Some insurance policies will auto-renew, tying you in for another year, often at a higher price.

Make a note of when your policy is due for renewal. Set yourself a reminder a few weeks before it ends so you have time to shop around.

Don’t leave your renewal until the last moment. You can make more savings by getting quotes a few weeks before your insurance policy ends.

Shop around for a better deal

To get the best deal when your policy is due for renewal, compare prices from other insurance providers. Use price comparison sites to check you're getting the lowest price.

When considering another deal, be sure to check the fine print. If you switch to another insurance provider, you need to make sure that you're getting cover you need.

Ask your insurance company for a better deal

The thought of haggling on price makes many people feel nervous or uncomfortable. When it comes to dealing with your insurance provider though it's best to be direct.

Call your provider and let them know you've seen a better deal elsewhere. Make sure you've got the details on had to refer to when you make the call.

It's surprising how effective asking for a better deal can be. Your provider doesn't want to lose you as a customer so they'll do everything they can to stop you leaving them for one of their rivals.

Don’t wait to switch to a better deal

If you've found a cheaper insurance policy with a different provider, and your current provider can't match it, make the move.

Switching is straightforward, once it's done you don't need to worry about it until your next renewal.

Review your insurance every year

If you get a better deal, it's natural to feel pleased with the outcome, but don't make the mistake of getting too comfortable with your new provider.

Check for better deals each time your policy is due to end so you don't miss out on potential savings. When it comes to insurance, loyalty doesn't pay. Keep shopping around to get the best deals. 

Having trouble reducing your spending? Get free debt advice

If you’re struggling to pay your debts, use our online debt advice tool. It will give you a personal budget to help you manage your money, along with advice specifically tailored to your situation.

Or, if you’d prefer to talk to someone, visit our contact us page to find out how to speak to one of our Helpline advisors.

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