Insurances, savings tips
Don’t just accept you new quote from your existing insurance on your Home and Car Insurance policies. After mortgages, this is the most common area to save money by finding new quotes. According to the Daily Mail, massive savings can be made the avergae shopper saving a whopping £214, while you home insurance premium tumbles from £368 to £227. Getting quotes on the internet is easy, 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 Payment Insurance
Pricey and poorly sold, Loan protection insurance is one of the most lucrative products 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 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 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. But the benefits are minimal: most won’t cover you for the only major risk, airtime abuse (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 can also cancel your life insurance. Just because the life assurance was sold to you by the provider of your mortgage 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 longevity improving (ie. fewer people dying), the insurance companies have been lowering the cost of life insurance for 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 yearly salary, and often more. Do you really need all that life 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 medical insurance policy, if you have one. These often pay treatment costs incurred abroad. For most holidaymakers, who travel to southern Europe once a year, the only real benefit that travel insurance brings is cancellation cover. Can you justify paying the premiums?.
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. For example, f you don’t ski or snowboard, you don’t need winter sports cover.
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