How to find the best deals on insurance

Insurance is one of those financial products that can be an irritation to organise – and finding the best deal can often feel overwhelming. However, having insurance in place is essential – and in some cases (for example, car insurance) a legal requirement. 

Insurance costs have increased hugely in the last four years. Data supplied by MoneySuperMarket suggests that the average home insurance has risen from £164 in early 2021 to £273 in June 2024, a 66% increase*. Car insurance has risen from £529 in March 2022 to £559 in June 2024, a smaller increase of 6%**. 

On a personal level, I’ve seen a huge rise in my annual house insurance cost – from £200 to £300 this year. However, my car insurance is much lower than the MoneySupermarket numbers at around £360, and in this money-saving article I’ll share how I have such great-value insurance. I also have travel insurance, life insurance and income protection insurance. 

Don’t forget that Boundless members receive exclusive discounts on LV= car, breakdown, home, pet and travel insurance. If you’re not already a member, here are some details about the benefits of joining.

Here are my top money-saving tactics to ensure you’re covered, and help bring the costs down.   

Types of insurance – and how to find the best deals

Home Insurance

Home insurance is split into two parts. Firstly there’s building insurance, an essential insurance to cover your property from damage, including fire, flood and storms. Then there’s contents insurance to cover against theft, damage and accidental damage. 

To save money, don’t auto-renew your insurance policies. You miss your chance to switch and save if you auto-renew your policies, and cancelling after your policy has been renewed means you may have to pay a cancellation fee. 

Boost your security. Adding some additional security measures to your property may reduce your premiums. Consider alarms and window locks for your home.  

Car Insurance

My top tip here is to consider pay-as-you-go insurance. If you drive less than 8,000 miles a year then this is the policy type for you. I drive around 7,000-8,000 miles a year and insure my car with By Miles. I pay an upfront charge of £64 plus 3.7p per mile driven which adds up to £360 per year, saving me a lot compared to the annual standard car insurance of £500+. I’ve had one no-fault accident and had to make a claim – everything went through smoothly with car repairs, there was nothing to pay and my insurance wasn't affected as I had no-claims protection in place.

When it's renewal time, compare your quotes using a comparison site such as MoneySuperMarket or Compare the Market. Even better, access these through a site like TopCashBack and you might earn yourself a little money back in the process. 

Consider your job title when comparing quotes. Certain job titles can get you cheaper insurance, especially when it comes to car insurance. While you should never lie about your occupation, tweaking your title – for example, calling yourself a motor mechanic instead of a mechanic – can potentially save you hundreds of pounds. You just have to make sure that the job title you choose is accurate.

If you can afford to pay annually, this could save you money over the year. Paying for your insurance annually is usually cheaper because insurers add interest if you pay for it in weekly or monthly instalments.

And finally, parking your car off the road when you aren’t using it, if you can, will reduce your premiums – especially if you can park it in a garage. 

Travel Insurance

It’s more cost-effective to get an annual policy for the whole family rather than purchasing single-trip travel insurance. You’re then covered for all holidays and any weekend breaks abroad. 

Check the terms of the policy, excess amounts, level of cover and customer service levels of the insurance brand. In the past, I’ve tried to make claims on my policy for items lost or stolen, and the insurance company wouldn't pay out – as it turned out I’d failed to read the detailed terms and conditions of the cheap policy I bought. The cheapest policy is unlikely to be the best to meet your needs. 

Health Insurance

This is insurance that I don't pay for – I rely on the NHS mostly for the health needs of me and my family. If I need some urgent treatment and there’s a long waiting list, I’ll pay for a private appointment. I’m lucky to have a brilliant GP surgery, and I can always get an appointment there. 

Health insurance is sometimes offered through your employer as a benefit, so do check your benefits. A health insurance policy can be arranged via a broker, or directly with an insurance company such as Vitality. Discounts with this particular insurer will be available if you’re active and can prove things like daily step count, the assumption being that you will be healthier and less likely to claim.

Life Insurance/Cover

I’ve had life cover since I became a house owner at age 24. This is an insurance that will pay off the balance of my mortgage if I were to die. If you have liabilities that you don't want to pass onto your partner or children, then life cover is essential.

The key here is don’t over-insure and pay more than you need to - and it’s essential to review your life cover periodically. Go to a trusted insurance broker for a review of the entire market. I’ve found Lifesearch to be a brilliant company for general life insurance, and if you have more complex health issues, Cura Insurance is a great broker. I’ve bought policies from both of these companies.

Income protection Insurance

This is another insurance that I’ve taken out as it gives me security that my income will be covered if I were to fall ill and be unable to work, particularly as I’m self-employed. It kicks in after three months (my emergency fund will cover me until three months), and will pay me enough to cover my essential bills for up to two years. I can claim on my policy multiple times and it lasts until I’m 60. 

Income protection policies often have great free add-on benefits including counselling, physiotherapy, Health MOT and GP appointments, which are all free.

Check your sickness policy with your employer to see if it’s enough – if not then income protection might be a good option. Again, Lifesearch and Cura Insurance brokers are my recommendations. I have life insurance arranged by Cura and Income Protection arranged by Lifesearch.

For further financial advice, Boundless members can benefit from expert advice with Quilter Financial Advisors – including a free, no obligation initial consultation with an expert financial adviser to discuss your circumstances and find out how you could benefit from financial advice.

Pet insurance

To be perfectly honest, I’ve never had pet insurance. I have a cat and I’ve never deemed it worth it for a cat, although I do pay a monthly fee to my vets to cover flea, annual injections, and emergency call-outs for worst case situations. If I had a dog or a pedigree animal, I would absolutely invest in pet insurance, and compare costs using the comparison sites as for car and home insurance.

I’d also recommend speaking to your vet about which insurers they recommend. They’ll have dealt with many companies, for claims, admin and customer service. 

LV= insurance discounts for Boundless members†

In addition to the points above, it could be worth getting a quote from LV= when you’re renewing your cover, as Boundless members receive several exclusive discounts on public prices from this approved partner. These include discounts on:

• Car insurance, including electric car insurance

• Home insurance (Essentials, Home and Home Plus policies)

• Pet insurance (Time Limited and Lifetime cover)

• Breakdown cover

• Travel insurance (Essential and Premier policies)

• Landlord cover

There are also some additional discounts applied to certain products if other products have already been purchased, and to some online purchases – and when more than one discount is relevant, each is applied individually. Find out more about these LV= discounts here.

Do more with Boundless

If you're working in or retired from the public sector or civil service, Boundless has two great membership options to choose from: Boundless and Boundless Plus. With Boundless, you get unlimited access or discounted entry to many of the UK’s top attractions, including Kew Gardens and Wakehurst and WWT centres across the UK, as well as year-round deals on restaurants, holidays, shopping and much more. With Boundless Plus, you can enjoy additional benefits including unlimited access to Historic Royal Palaces sites, National Trust for Scotland places, access to The Ramblers' extensive walking community, and peace of mind with roadside assistance and local recovery by LV= Britannia Rescue. 

*Based on MoneySuperMarket consumer data for the average annual price of all home insurance policies (buildings, contents, & buildings and contents policies) sold through MoneySuperMarket. 

**Based on MoneySuperMarket consumer data for the average annual price of car insurance policies sold through MoneySuperMarket with one driver holding a full UK driving licence for at least 12 months.

†Boundless by CSMA acts as an introducer to Liverpool Victoria Insurance Company Limited for General Insurance.