How can I cut the cost of my insurance cover?

Jul 23, 2024

Sam Richardson, Deputy editor of Which? Money, discusses rising insurance costs and declining customer service with Claer Barrett. They explore challenges in the claims process, the importance of travel insurance, and strategies to manage rising premiums. Practical tips on cutting insurance expenses are shared, highlighting the impact on uninsured drivers and societal issues.

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Intro

00:00 • 3min

Challenges in Insurance Claims Process

03:05 • 5min

Challenges in Travel Insurance Claim Process

08:13 • 7min

Focus on Claims Management and Importance of Travel Insurance

14:53 • 2min

Managing Rising Insurance Costs

17:02 • 8min

Wrapping Up Tips on Saving Money on Insurance Premiums and an MBA Opportunity

24:39 • 2min

The cost of insurance premiums is rising to record highs, but levels of customer service are falling for customers who end up having to make a claim, according to a new report. The consumer group, Which? has found that almost half of those claiming on home, car or travel insurance policies in the past few years have experienced at least one problem, as the volume of complaints linked to claims handling soars. Host Claer Barrett sits down with Sam Richardson, the deputy editor of Which? Money and Ian Smith, the FT’s insurance correspondent, to find out why insurance has become such a minefield for consumers, and how to reduce the cost of premiums without compromising the quality of cover.

Links:

Money Helper: https://www.moneyhelper.org.uk/en

British Insurance Brokers’ Association: https://www.biba.org.uk/

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Want more?

Read Ian Smith’s FT Money cover story, What’s driving the car insurance crisis?

Check out Claer’s column, How the ‘single tax’ can break financial resilience

Listen to more episodes of Money Clinic on the topic, such as Am I paying too much for insurance?, Finance tips for freelancers, insurance pitfalls and how to write the perfect 'to do this', and more.

Disclaimer: The Money Clinic podcast is a general discussion about financial topics and does not constitute an investment recommendation or individual financial advice.

Presented by Claer Barrett. Produced by Tamara Kormornick. Our executive producer is Manuela Saragosa. Sound design by Breen Turner, with original music from Metaphor Music. Cheryl Brumley is the FT’s global head of audio.

Read a transcript of this episode on FT.com

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