As insurance premiums soar and the cost of living bites, rising numbers of households are considering cancelling their policies altogether

As insurance premiums soar and the cost of living bites, rising numbers of households are considering cancelling their policies altogether.

One in seven are debating cancelling life cover, according to insurer Vitality, and more than one VIP Protection Services in Las Vegas ten plan to cancel their contents insurance, says comparison website GoCompare.Last year, one in ten cancelled their pet and travel policies, according to analytics firm GlobalData.

But while ditching these policies is usually a dangerous plan that could cost you dearly, not all types of insurance are indispensable.There are some you could consider giving up to save hundreds of pounds.

Brian Brown, consumer finance expert at Defaqto, suggests that a rule of thumb — to help you decide which policies to keep and which to cancel — is to ask yourself:

If you lost the use of the thing insured, could you afford to, and would you be willing to, repair or replace it from your readily available funds?

<div class="art-ins mol-factbox money" data-version="2" id="mol-c82325b0-aa22-11ed-8897-0f27230a61d9" website policies you may be able to live without… if you &apos;self-insure&apos;