For Your Information...

Never, never just accept a renewal quote from your insurance company on your Home and Car insurance cover. After mortgages, this is the most common area to limit your spending by finding new quotes. According to the AA, shopping around can save the average buyer £214, while home and contents insurance tumbles from £320 to£200. 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 PPI
Pricey and poorly sold, Payment 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. But many people were sold it who can’t possibly make a claim against it these people are able to claim their ppi 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, use the Fiancial Ombudsman Service which is free and on average they are helping 80% of those 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 £90 a year on this insurance. Airtime abuse is not covered which is the greatest risk (where the phone is stolen and used to make international calls), 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
You don’t have to keep you life insurance policy for the whole of the policies term. Just because the life insurance was sold to you by your mortgage broker doesn’t mean you have to stick with that provider for the life of the remortgage. You can cancel it at any time to get your cover even cheaper. With the human lifetime improving (ie. fewer people dying), insurers have been lowering the cost of life insurance for many years.

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 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. most cover your belongings ouside your house.

Step 3 Check your health cover policy, if you have one. These requently pay treatment costs incurred abroad. If traveling to Europe, the only real benefit that travel insurance brings is cover in the event of a cancellation. Is that worth 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 make sure you are only paying for what you actually need. E.g., f you don’t ski or snowboard, you don’t need winter sports cover.

Bookmark to: