As hard-pressed households look for further ways to tighten their financial belts, many may resort to cancelling insurance policies.

Already 13% of people have cut their insurance spending and a further 26% are considering doing the same, according to a YouGov poll released yesterday.

Deloitte, the accounting and consulting company that commissioned the YouGov research, estimates insurers could lose £1bn due to such cutbacks.

But while householders may save a bit of cash by reducing their cover, not having adequate insurance could hugely outweigh any short-term savings.

There are some areas, however, where you can safely make savings on your premiums without ditching the policy altogether. Here's our guide to cutting the price of your policies, while ensuring you're still adequately insured.

Motor insurance

Knock pounds off your motor premium by opting for a higher voluntary excess - though you should only do this if you're happy this won't leave you out of pocket in the event of a claim.

"Adding just £50 to a voluntary excess will reduce your overall premium," says Niki Bolton from insurer Esure.

Keeping your car in a garage or at least on a driveway; fitting an alarm or immobiliser; and reducing mileage will also cut your premium - but don't underestimate your mileage in the hope of tricking your insurer, as this could invalidate your claim.

You could also save by paying your premium in one lump sum, says Hayley Parsons, from price comparison website Gocompare.com. "Asda and Kwik Fit charge an annual percentage rate (APR) of as much as 40% for spreading the payments across the year," she warns.

Home insurance

Don't jump at the policy offered by your mortgage provider without checking whether you can get a better deal elsewhere. Many insurers offer a bigger discount if you buy buildings and contents insurance together.

Don't go for policies that offer "unlimited" contents cover - unless you have lots of expensive items at home - as you will probably pay over the odds for your insurance. It is better to get the cover you need. "It's a good idea to make an inventory of all your belongings, then add a little extra for items you may have missed," says Scott Mowbray, of Virgin Money.

Security features such as burglar alarms, window locks, door locks and outside lights can help reduce your premium. Fitting smoke alarms and fire extinguishers are also inexpensive ways to cut costs.

Travel insurance

If you go away more than twice a year, consider an annual policy rather than single-trip equivalents.

Some home insurance policies provide cover for personal possessions abroad. More Than, for example, offers a "contents outside the home" add-on for your possessions abroad for up to 60 days.

If you're travelling within the European Union, make sure you carry a European Health Insurance Card to get free or reduced medical treatment - though this is not a substitute for travel cover.

Life and health insurance

The cost of life cover has fallen by more than 40% in the last five years, according to protection broker Lifesearch, so if you haven't reviewed your cover for some time, you may well get a better value policy now. You may also get a better deal if you have given up smoking.

Don't take out life insurance with your bank, supermarket or mortgage provider without checking out the competition first. "These are usually expensive products that do not offer the same level of cover that can be found on the wider market," says Lifesearch spokesman, Matt Morris.

The older you are, the more expensive it is to take out a new policy, so it makes sense to act the younger and healthier you are.

Cover you can afford to ditch

While motor and buildings insurance are a legal requirement for car and homeowners, no other insurance is compulsory. Many types of insurance are overpriced, rarely claimed and already covered by other policies.

Insurance on mobile phones, bikes, home emergencies and extended warranties may be the first to go when you are looking to make savings. But before cancelling any policy or stopping any direct debits, talk to your insurer.

"If you took out cover several years ago, you may no longer need as much cover and it may be possible to adjust your monthly premiums accordingly," says Zurich spokesman Tony Solomon. "It may be possible to reduce the sum assured to an amount you can afford, rather than cancel the cover."

Another alternative is a payment holiday. Zurich, for example, offers a payment holiday of up to 12 months for some of its life and critical illness plans, while Lloyds TSB is allowing any customer made redundant before the end of the year to freeze payments on their Home Solutions insurance policy.

"We would expect to see more 'flexible' options appearing to assist customers who may otherwise hastily cut back on cover to make immediate savings to their expenditure," says Peter Gerrard of price comparison site Moneyextra.com.

'I just can't afford any more cover'

Cassie Ousey, an air hostess from Wilmslow, Cheshire, has been forced to cut back on her insurance cover in a bid to save cash - about a year ago, the 32-year-old bought a house and has spent a lot of money refurbishing it.

"The whole project was pretty expensive and meant I had to cut back in other areas of my expenditure," she says.

Ousey has reviewed her buildings, contents and car insurance policies in a bid to bring down her premiums.

"I logged on to Moneyextra.com to try to find cheaper cover, and have now got a very basic buildings and home contents policy, and have done away with accidental damage," she says.

"I have also scaled back on my motor insurance and got rid of the breakdown cover.

"It does worry me that I now have a lower level of insurance, but I just can't afford any more cover at the moment."