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

Compare insurance quotes - 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 companies. 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 insurers offer a 5 percent discount online plus an additional 10 percent if you insure more than one car, motorcycle.

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.

Reduce your risk - For example car insurance, you will pay less if you are more unlikely to claim. You will receive a discount.

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.

With Home Insurance you need to be cautious though as some home insurance policies can have loopholes for covering burst pipes.

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.