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!