Insurance might be one of our least favourite items of expenditure. After all, there is usually very little to show for the purchase and it is easy to forget what a godsend it might be when something does go wrong. All in all, therefore, most of us are likely to welcome any way of saving money when the next time for an insurance renewal comes around. Here are some tips on doing just that – grouped under some of the more likely headings on which renewals may be necessary …

Review and reconsider

• a certain inertia may creep in as insurance renewals come around – the existing cover seems to have served us well enough the previous year, so why not the next;

• but your insurance needs change over time and new insurance products are being developed and refined all of the time, so it is worth reviewing and reconsidering whether your current policy still offers what you consider to be value for money;

• at GSI insurance we are able to help you do just that – bringing you the specialist expertise and experience that a seasoned broker may offer in the shape of the benefits suggested by the Money Advice Service;

Motor insurance

• young or old, the owner of a new car or well used one, you are almost certain to renew your motor insurance on an annual basis;

• make sure that your policy reflects the current value of your car;

• maintaining your no claims discount of course is a sure fire way of saving money when you need to renew the cover – so you might want to take special care in driving safely and avoiding costly insurance claims;

• if you choose to take on an additional voluntary excess of course, your insurer is likely to reward you with lower premiums;

Property insurance

• one of the keys to value for money when renewing your cover for your own home or for a let property in which you have invested is to ensure that your valuation of the building and its contents is accurately estimated and up to date;

• if you have let what used to be the home in which you lived, it is essential that you arrange appropriate landlord insurance to replace any standard home building and contents insurance you may have held – failure to do so might prove an expensive omission;

Business insurance

• if you are running a business, there are three principal areas to which you might want to focus your annual review of the insurance renewal, including the cover required;

• professional indemnity is designed to protect you from claims relating to decisions, actions and failure to act in the normal course of the business services you offer;

• public liability cover – which typically starts at cover for up to £1 million – helps to protect you from claims by visitors to your premises, customers or members of the public who suffer an injury or have their property damaged;

• employers’ liability cover is insurance which you are almost certain to be legally required to hold if you employ anyone else in the running of your business – the law demands that you have cover for at least £5 million.

The next time any of your policies are up for insurance renewal, therefore, you might discover ways of saving yourself some money by following some of these suggested tips.