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Whether it is life, home, car or travel insurance, we spend thousands of pounds each year on insurance. Just failing to review your current insurance at renewal could mean you are paying more than you need to.

Shop around – When it is time to renew do not just accept the quote you are given. It will not take much time to go on the internet and check out quotes from the several comparison websites. However, the cheapest policy may not be the most appropriate. Look at the level of cover as well.

Shop online and get a discount – As insurers overheads are greatly reduced if you buy online they pass this reduction onto you. For example, some pet insurers offer a 5 percent discount online plus an additional 10 percent if you insure more than one pet.

Pay once – If you pay monthly this will cost you more than paying in one go. If you do pay monthly because you think it is cheaper, check, because it normally isn’t. You will be charged interest sometimes as high as 24 percent. A male insuring an Audi A4 could pay 792 pounds via direct debit but will pay 730 pounds a year if he pays a lump sum.

Reduce your risk – For example car insurance, you will pay less if you are more unlikely to claim. You will receive a discount of up to 15 percent if your car is garaged overnight.

An easy and fairly cheap way to reduce premiums on home insurance is to secure your home by fitting locks on doors and windows. Signing up to your local Neighbourhood Watch scheme will help. This could knock about 5 per cent off the cost of premiums if you live in a high risk area.

Increase your excess – With most types of insurance, if you are prepared to increase your excess slightly, you can get a reduced premium. An excess is the amount you pay before the insurer pays out on a claim.

Plan ahead – If you take more than one holiday or business trips in a year then it is worth buying an annual travel insurance policy. A head of marketing for a large insurer said: “It often works out far better value to get annual rather than single trip policies – it can save time as well.”

Read the small print – Check your pet insurance. There are 12 month limits on policy payouts on many low cost pet insurance plans. This would be a problem if your pet developed a chronic condition that lasts the life span of the pet. Even though ongoing protection is slightly more expensive, the savings can be huge.

With Home Insurance you need to be cautious though as some home insurance policies can have loopholes for covering burst pipes. For example, the post office does not offer cover for this at all.

Do You Really Need Comprehensive Motor Cover? – If your car is worth less than 2000 pounds it is not necessary to have comprehensive cover. Consider opting for third party, fire and theft. A lot of people with comprehensive cover actually pay money out if they have a break in or damage the vehicle accidentally, so they do not risk losing their no claims bonus.

Get Healthy – If you are in poor health life insurance premiums cost more, so eat more healthily and take regular exercise. Do not smoke or drink excessive alcohol.Visit the amazing financial web site Brokers Online it offers its clients a large range of insurance products. Brokers Online can obtain for its clients really cheap Life Insurance Quotes, plus great deals on Home Insurance Travel Insurance and many more