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08/01/2008

British families could save up to £1,300 a year in insurance costs, Moneysupermarket.com has revealed.

According to the financial information provider and price comparison website, a typical family can follow 10 steps to save money on their various insurance policies. For example, consumers could save up to £558 on car insurance policy by doing all of the following: adding an older driver to the policy, shopping around for a policy, increasing voluntary excess, adding a partner to the policy and car pooling with a colleague.

Furthermore, Moneysupermarket.com said consumers can save £98 on home insurance by shopping around and paying annually instead of monthly. Other money saving tips include choosing an independent provider of both travel and payment protection insurance, saving you a total of £514, and reducing life insurance costs by giving up smoking.

Richard Mason, director of insurance at Moneysupermarket.com, said: “While insurance is essential for financial security and peace of mind, it is important you only opt for a level of cover relevant to your needs and at the best available price. You can trim your outgoings by shopping around and take several other easy steps to further reduce your premiums. Across the sweep of standard insurance products, you could save over £1,300 this year alone.” 

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