How you can save money on your insurance
Never, never just accept a renewal quote from your insurance company on your Home and Car Insurance policies. After mortgages, this is the easiest area to save money by obtaining alternative quotes. According to the Daily Mail, On average you will save £214 by shopping around, while your home insurance premium tumbles from £320 to£200. It is so easy to get quotes on the internet, and if you don’t spend at least one lunch hour a year finding a better deal then saving money is not important.
1. Reclaim PPI
Too expensive and agressively sold, Loan 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 Personal loan. A vast proportion of people who were sold PPI are unable to claim against it This money is now eligible to be claimed 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 they are helping 4 out of 5 people missold . 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
It is common for people to be are strongly pressured in phone shops into spending between £50 and £70 a year on this cover. But the benefits are minimal: most won’t cover you for the only major 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 can also cancel your life insurance. Just because the life cover was sold to you by the provider of your mortgage you don’t need to to stick with that provider for the life of the remortgage. You have the option to cancel at any time to get a cheaper deal. With the human lifetime improving (ie. fewer people dying), the insurers have been lowering the cost of life insurance 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 yearly salary, and often a lot more. Do you really need all that term insurance 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. most cover your belongings ouside your house.
Step 3 Check your health insurance policy, if you have one. These often cover the costs of treatment incurred abroad. If traveling to Europe, the only real benefit that travel insurance cover brings is cancellation cover. Can you justify paying the premiums?.
You mustn’t travel outside the EU with out travel insurance cover Policies that last for a year and cover you for more than one trip always make sense if you go away more than once 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 winter sports cover.
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