Simple tips to try to cut your insurance premiums

According to the latest research from Imperial College London, us Brits are overlooking simple life hacks that could save us around £5 billion a year in insurance bills. So just what are we missing out on?  

Don’t put off the DIY

While none of us really like to think about it, some small DIY tasks could make a big difference. For example, if we were to carry out simple repairs such as trimming trees or fixing dripping pipes then we could save the equivalent of £209 per household each year.
Imperial College also found that water damage claims could be reduced by £387 million if we fixed those dripping pipes and taps, and if you trimmed those trees around your property before they damaged the foundations, it could save up to £216 million.
So don’t delay the DIY list any longer – it could save you money!

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Maximise the tech

Big savings could also be made by using new technology to prevent accidents. For example, Imperial College found that if more cars were designed with automatic braking (the latest technology that can detect traffic and prevent collisions) insurance claims could be reduced by £1.5 billion. So if you’re in the market for a new motor, it could be worth looking to see if this is included.

self driving car

Prevention first

All of these are prevention tactics to save both you and your insurance provider money. But according to Dr Enrico Biffis, visiting associate professor of actuarial finance at Imperial College Business School, we’re reluctant to spend money fixing these things.

Many of you seem to be put off the expense of top end security measures:

  • Three quarters of those surveyed wouldn’t purchase a £7,000 alarm system, even if it resulted in a 15% drop in their insurance premium.
  • 61% of people said they’d feel safer with a car alarm that connected to the emergency services, but just over a tenth thought they would actually invest in one of these £400 smart alarms.

So it seems that there are a number of ways we can try to save money in the long run, but the initial outlay that’s needed isn’t always possible. An alternative would be to compare insurance to see if you could save money with another provider. It could be a quick win!

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