When freeing a snagged lure, the best thing to do is to point the tip of the rod directly towards the position of the snag. This will certainly prevent your expensive rods from breaking.
When pointing the tip of your rods towards the snag make sure you cup the spool of the reel. This takes away the strain and tension away from the rod.
When trying to pull the snag free, there should be no bend in your rod. Never pull back on the rod at an upward or downward angle as this will cause your rod to snap.
Ivo from Thundermist Lure Company has put a great video together showing exactly how this technique works.
Click here to watch the video.