4 ways to save money on your insurance
Never, never just accept a renewal quote from your current provider on your Car insurance and home insurance. After mortgages, this is the easiest area to save money by seeking alternative quotes. According to the RAC, massive savings can be made the avergae shopper saving a whopping £214, while home and contents insurance tumbles from £385 to £250. 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 obviously have money to burn.
1. Claim back payment protection insurance
Overpriced and oversold, Loan protection insurance is one of the most profitable types of insurance ever devised by the finance industry. It can add £3,000 to the cost of a £7,500 Personal loan. Many whom were sold PPI were always unable to claim against it these people are abel to demand their money back again.
Many companies are offering to calimthis moneyt back for you but they will take 25% of the refund. 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
Naive youngsters are strongly pressured in phone shops into spending between £50 and £90 a year on this insurance cover. Most policies don’t cover you for the most dangerous type of risk airtime abuse (if your phone is ued to call overseas, and you can claim for a lost phone on you contents cover.
Mobile phone insurance is easy to cancel just stop the direct debit.
3. Rethink your life insurance
Life insurance is not for life. Just because the term insurance was sold to you with your mortgage you don’t need to to stick with that provider for the life of the home loan. You have the option to cancel at any time to get a cheaper deal. With longevity improving (ie. fewer people dying), life insurance companies have been reducing premiums for many years.
If you are in a job at a big employer, it is likely to offer “death in service” benefit worth up to 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 Obtain a European Health Insurance Card (EHIC) from ehic.org.uk or at your local Post Office. This has replaced the old E111 forms and gives you reducedcost or free medical treatment in EU countries and Iceland, Liechtenstein, Norway and Switzerland. You may even obtain treatment faster, as you won’t have to rely on a hospital waiting to receive authorisation to treat you from an insurer.
Step 2 Check your home insurance policy. most cover your belongings ouside your house.
Step 3 Check your health cover policy, if you have one. These usually pay treatment costs incurred abroad. For most holidaymakers, who travel to southern Europe once a year, the only real benefit that travel insurance cover brings is cover in the event of a cancellation. Can you justify paying the premiums?.
If traveling outside the EU you must have travel isnurance 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 make sure you are only paying for what you actually need. For example, if you don’t ski or snowboard, you don’t need winter sports cover.
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