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Get personal and shop around for best insurance deals

Britons could be losing out on up to £600 by not refining their policy terms and £180 by not shopping around for the most competitive policy.

Moneysupermarket.com warns that too many people are losing out on the best value insurance premiums by adopting a one-size-fits-all approach to insurance.

By not shopping around for the best deal, Britons are spending on average £85 a year more than necessary on home insurance and £95 on motor insurance.

By not supplying insurance companies with personalised information, people also risk missing out on savings. For example, if you only drive your car at weekends you could save £43 a year, but insurers can only offer this saving if they know about your lifestyle.

Richard Mason, director of insurance at moneysupermarket.com, said: "While buying insurance is essential for financial security and all-round peace of mind, it is important that you only opt for a level of cover relevant to your needs and at the best available price.

"You can trim your monthly outgoings by shopping around regularly, but you can also take several other simple steps to reduce your premiums this year. Across the sweep of standard insurance products you could probably save nearly £800 this year alone."

Britons can save on home insurance premiums by paying annually, improving security and increasing their voluntary excess.

When taking out travel insurance, tourists should look beyond their holiday company's standard deals as independent providers often offer the best packages.

People can also cut life insurance premiums by giving up smoking, saving men an average of £62.80 a year and women £47.28.

Click here to see how much you could borrow with Lombard Direct.

09/01/2007 12:00:19

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