Spiky Cact.us

4 ways to save money on your insurance

Posted September 7th, 2009 by Spike

Don’t just accept you new quote from your existing provider on your car and home insurance. After mortgages, this is the most common area to limit your spending by requesting other providers. According to the Daily Mail, shopping around can save the average buyer £214, while your home insurance premium tumbles from £368 to £227. The internet makes it incredibly simple to find quotes, and if you don’t spend at least one lunch hour a year finding a better deal then you have too much money.

1. Investigate your Loan protection insurance
Overpriced and oversold, payment protection insurance is one of the most lucrative types of insurance ever devised by the finance industry. It can add £3,000 to the cost of a £7,500 secured loans. But many people were sold it who can’t possibly make a claim against it and they can now demand their premiums back.

Lots of claims companies advertise on daytime television, promising to obtain you a refund but they will take 25% of whatever you win. Instead, try the freetouse Financial Ombudsman Service which is currently upholding around four out of five complaints about being missold PP . Helpfully, it offers a factsheet on how to make a complaint about PPI which you can find at financialombudsman.org.uk

2. Cancel your mobile phone insurance
Many people are strongly pressured in phone shops into spending between £50 and £70 a year on this insurance cover. Most policies don’t cover you for the most dangerous type of risk airtime abuse (if the phone is used to ring abroad), and you can claim for a lost phone on you contents cover.

Cancel your direct debit with the bank and the insurance will lapse.

3. Rethink your life insurance
You don’t have to keep you life insurance policy for the whole of the policies term. Just because the term insurance was sold to you when you took out a mortgage doesn’t mean you have to stick with that provider for the life of the mortgage. the policy can be canceled at any time and find a better deal. With the avergae age of death improving (ie. fewer people dying), insurers have been reducing premiums for a log time.

If you are in a job at a big employer, it is likely to offer “death in service” benefit worth at least three times your annual salary, and often much more. Do you really need all that life insurance cover on top as well?

4. Don’t pay for travel insurance you don’t need
Step 1 An EHIC card provides free or reduced cost treatment in EU countries

Step 2 Check your home insurance policy. Many have clauses which already cover personal belongings (ie. your suitcase) outside the home.

Step 3 Check your health insurance policy, if you have one. These requently cover the costs of treatment incurred abroad. For most holidaymakers, who travel to southern Europe once a year, the only real benefit that travel insurance brings is cover in the event of a cancellation. Ask yourself if that is really worth premiums that are often pounds 100 or more for a family.

You mustn’t travel outside the EU with out travel insurance cover Annual policies are always besty if you intend to travel more than opnce a year though again don’t pay for cover you don’t need. E.g., if you don’t ski or snowboard, you don’t need cover for winter sports.

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