Recent industry research revealed that investing in preventive measures that mitigate risks to people’s cars and homes could save UK households £209 a year—an aggregate total of £5.6 billion.
The bulk of the savings can be achieved by UK motorists, who could benefit from £4.96 billion per year in lower premiums. One way to lower premiums is by buying a vehicle with an in-built safety system like autonomous emergency braking. Younger drivers can lower premiums by taking out ‘black box’ insurance.
The research also analysed the financial value of minimising risks at home, which could save consumers £620.2 million per year in home insurance claims and premiums. Investing more in flood protection is the most highly valued preventive measure with 79 per cent of UK adults polled admitting that they would feel more secure if their property had been adapted to include flood prevention measures.