Browse all articles
By Kabir Ahmed, commercial manager at Wesleyan Financial Services

How to save on insurance as the cost of living increases

financial wellbeing
cost of living for dentists
2 min
Young female sitting on sofa holding mug and phone

Kabir Ahmed, Commercial Manager at Wesleyan, looks at ways you can save on your insurance costs...

As the cost of living crisis deepens, we are all having to look at our expenses and outgoings. Insurance is something that can often be overlooked when budgeting and with the new pricing guidelines from the regulator, it may seem pointless to shop around - but there are some ways you can get better deals.

Of course, it’s also important to keep the right balance - cutting costs on insurance can sometimes mean cutting the quality of cover and you still need to ensure you are adequately protected.

Change how you pay your premiums

If you can afford to, try to pay your policies annually. Brokers and insurers may charge interest on monthly payments and the interest rate varies. If monthly payments are the best option for you, then be sure to compare the total price including the interest as often comparisons are made on the annual premium and the true cost is overlooked.

Review your policies

When it comes to insurance, it can help to speak to an expert to make sure your level of cover is right. In some cases, you may even be paying for more than you need.

You should also check to see if you have duplicate cover anywhere. For example, you may have a bank account that provides you with mobile insurance or breakdown cover. If you already have separate policies for these, then you may be paying twice for the same amount of cover. 

Plan ahead

Did you know that the best time to get an insurance quote is usually around 23-26 days before your policy renews? As 30 days is around the earliest you can apply for a new quote, the sooner you start searching, the better rate you’re likely to see. You should also get a new quote around that time from your current insurer or broker.

This is a great time to search the market and compare quotes, so it can be handy to set a reminder 30 days before each of your policies renew. Or if you’d prefer to be reminded, you can share your renewal dates with our insurance team. We can then contact you close to your renewal dates to discuss your options.

Where to look for alternative quotes

There are a lot of channels available to you, particularly for car insurance. The most common ones are going to aggregators, going direct to the insurer or using a broker.

Different aggregators may have different rates for the same insurer. It’s worth paying particular attention to set up and adjustment fees, excesses and add-ons.

With so many choices from aggregators and direct insurers, using brokers may seem old fashioned but good brokers offer advice and they can assess your insurance requirements to get you exactly what you need. Plus, you can haggle.

If you're a GP or dentist looking at your practice insurance, always opt for an advice service. Your practice has many variables that need covering, and this is an area that needs specialist support from people who understand the peculiarities of a medical or dental business.

Choosing a broker

At Wesleyan Financial Services, we act as a broker for a range of insurance products. Whether you’re looking for personal protection products or insurance for your business, you can get a policy that offers comprehensive cover at the right price.

And if you’re looking to cut the costs on your policy, Wesleyan members get 20% off a range of insurance products. This includes home, car, travel and more.

Seek advice

Sometimes it helps to have someone who can take this off your hands and look at the best options out there for you.

If you’d like support in reducing your insurance costs as well as maintaining quality cover across all your insurance needs, you can book a no-obligation financial review with a Specialist Financial Adviser from Wesleyan Financial Services.

You might be interested in...

Get financial advice

Need financial advice? Speak to a Specialist Financial Adviser from Wesleyan Financial Services - an expert in your key profession, whether you’re a doctor, dentist or teacher.

Dental practice insurance

Find something to smile about with comprehensive cover for your dental practice. Get cover to protect your business income, cover the costs or equipment breakdown and more.

GP surgery insurance

Look after your surgery with insurance designed for the medical sector. Get cover from an insurer that understands your profession, including protection against liability claims and cover for lost or damaged drugs and vaccines.