From your home and car to your health and holidays, the right policy can save you from expensive surprises.
But knowing what you actually need – and how to avoid paying over the odds – isn’t always straightforward.
Read on to find out how to find the best cover at the right price.
Home insurance
Home insurance comes in two parts: buildings insurance and contents insurance. Buildings insurance covers the structure of your home such as the walls, roof, floors, and permanent fixtures. Contents insurance protects your belongings, including furniture, electronics and clothing.
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Who needs it?
Buildings insurance is normally mandatory for mortgage borrowers – but it’s a good idea if you own your home outright too. If you live in a flat, buildings insurance will usually be arranged by the freeholder for the whole block. Most households, including renters, should consider contents insurance.
How can I get the best deal?
To get the best deal on home insurance, start by comparing quotes from multiple providers to ensure you’re not overpaying. Boosting your home’s security – such as installing alarms, smart locks, or CCTV – can also help reduce premiums.
Weigh up whether add-ons, such as accidental damage cover and legal fees, are worth the extra cost.
Car insurance
Car insurance is a legal requirement if you drive your car on a public road. The three levels of cover are third party, third party fire and theft, and comprehensive. While comprehensive sounds more expensive, it’s often cheaper because it attracts lower-risk drivers.
Who needs it?
Car insurance is a legal requirement for anyone who drives a vehicle in the UK. If you drive someone else’s car, make sure you are on their policy as a ‘named driver’. For drivers who only use a car occasionally, short-term or temporary policies can be a more cost-effective option compared with standard annual cover.
How can I get the best deal?
The single most important factor in reducing car insurance costs is the vehicle you choose – selecting a car in a lower insurance group can significantly cut premiums.
Make sure you drive safely, as claims and driving convictions will push up insurance costs. Avoid unnecessary modifications, and consider telematics or “black box” policies if you’re a young or new driver.
Travel Insurance
Travel insurance covers medical emergencies abroad, lost luggage, cancellations, repatriation and more. UK trips can be covered too, although you normally need to go for a minimum of two or three nights and have pre-booked accommodation.
Who needs it?
Travel insurance isn’t compulsory but it can protect you from various costs if anything goes wrong while you’re on holiday. While a Global Health Insurance Card (GHIC) will cover most state medical costs within the EU, travel insurance will cover your cash, possessions, and various travel mishaps, too.
How can I get the best deal?
Check whether any packaged bank account you hold already includes travel insurance. Virgin Money was voted the best packaged bank account provider in the 2025 Your Money Personal Finance Awards.
If your account includes cover, make sure it’s suitable for your age, health and destination. Skiers should look for winter sports cover, while adrenaline junkies should check their chosen activities are fully covered. If you take more than a couple of trips a year, annual cover will usually work out better value than buying single trip cover each time.
Life Insurance
Life insurance provides a payout to your loved ones if you die during the term of the policy. There are two main types: term life (paying out during a set period) and whole-of-life (guaranteed payout whenever you die).
Who needs it?
Life insurance is important for anyone with dependants who rely on their income, homeowners with joint mortgages, or anyone looking to provide a financial safety net for their loved ones.
How can I get the best deal?
To get the best deal, take out life insurance at a younger age, when premiums are lower and health risks are smaller. Decreasing term insurance is usually cheapest and can be aligned with your mortgage repayments.
Private health insurance
Private health insurance gives you access to private healthcare, allowing for faster treatment, more choice of hospitals and specialists, and sometimes more comfortable facilities compared with the NHS.
Who needs it?
Health insurance is not essential in the UK thanks to the NHS, but many people prefer the added convenience and speed.
How can I get the best deal?
To get the best deal on private medical insurance, tailor the policy to your needs – a higher excess, limited outpatient cover, or six-week NHS wait options can cut costs.
How to reduce insurance costs across the board
With the cost of living continuing to rise, keeping insurance premiums under control has never been more important. Here are some of the most effective ways to save across all types of cover.
Avoid auto-renewal
Insurers often reserve their best prices for new customers, meaning auto-renewal can be significantly more expensive. Always shop around when your policy is due for renewal – or call your current provider and ask if they can match a better quote.
Shop around
Different comparison sites feature different insurers, so it’s worth checking at least two. Some companies – particularly in car and home insurance – don’t appear on comparison sites at all, so visiting insurer websites directly can pay off.
Increase your excess
The excess is the amount of money you agree to pay out of your own pocket if you make a claim on your insurance policy. The insurer covers the rest.
A higher voluntary excess usually lowers your premium – just be sure you can afford to pay it if you need to claim.
Choose add-ons wisely
All the main types of insurance offer various add-ons to make your policy more comprehensive. Pick extra cover wisely so you only pay for the extras you’ll genuinely need.
Pay annually rather than monthly
Paying monthly is essentially a loan from your insurer – and they charge interest. If you can afford to pay annually for insurance, it’s usually cheaper overall.
Keep claims to a minimum
While you should always claim when necessary, making frequent or minor claims across any type of insurance can drive up your premiums. For smaller issues, it can often be more cost-effective to pay out of pocket rather than submit a claim.
