Get The Inside Angle On How to Save Money With the Insurance Companies!

Insurance cover is just something that’s part of life for many residents of the UK, but that doesn’t meant that you have to go out of your way to pay too much for it. There is always a way to save money, but you can’t always expect the insurance companies to tell you what those ways are. That would hurt their bottom line, and they’re not going to do that if they can actually help it. What you need to do from here is to make absolutely sure that you’re going to be able to take care of things no matter what happens.

The first thing that you’re going to want to make sure of is that you get the right policy the first time around. Far too often people comparison shop online and get a policy based on price. Then when the worst happens, they end up getting their claim rejected — all because they never really read the fine print. That’s frustrating, but it doesn’t have to be that way at all. It’s a simple slip up that can be corrected rather easily. You will want to make sure that you have a valid policy and all of your premiums are up to date. Your policy is generally suspended until you catch up all of the payments. During that suspension time, there’s no guarantee that your insurance coverage is going to go on as planned.

Another point that most UK consumers skip over is that there are conditions that need to be met before you can even submit a claim. If you have unemployment insurance on a mortgage, you may have to wait 30 days until you can actually file the claim. The excess period has to expire first, if there is one. And since we’re talking about insurance, there usually always is an excess period. Make sure that you’re keeping this in mind when you plunge forward — it could really make things a lot easier for you in the long run.

For car insurance, there’s going to be a compulsory excess, which is a fancy term for the part of the claim that’s going to be paid out by you. That can range from 50 GBP all the way up to 1000 GBP. SO if you have a small claim that is under this excess amount, you might want to just skip filing a claim in the first place. It’s just going to make you upset when you get the claim rejected.

Insurance companies also want to make sure that you are doing your part to keep their costs down. If you have storm damage to your house, the insurance company is going to want to make sure that you actually took care of the proper precautions before they pay out a claim. If you don’t follow the terms of your policy, you will have your claim rejected and all of the costs will be out of pocket. This is something that ends up getting consumers in a lot of trouble, because they were hoping that everything was really going to be okay — it didn’t end up that way, and that’s going to be stressful and expensive to correct. [Read more…]

Can you afford your insurance cover?

Over the years consumers have taken out many different types of insurance cover to protect them against certain situations and circumstances. The insurance cover industry has enjoyed a lot of business for many years, with people taking out all sorts of cover from Halifax home insurance, contents insurance to pet insurance, medical insurance, dental insurance, vehicle insurance, income insurance, payment protection insurance, life insurance, critical illness insurance, and more.

However, all of these insurance policies cost money, and this is something that has created something of an issue over recent months. In the past households have managed to budget for the various insurance policies that they have needed in order to enjoy peace of mind and protect themselves and their loved ones. However, over recent months the financial situation has changed for many households, and increased costs have resulted in many having to find ways of cutting back on their outgoings.

Households have looked at a variety of ways to cut back on their monthly outgoings in order to weather the increased costs such as higher energy bills, rocketing petrol prices, increased food inflation, and higher borrowing costs. It seems that one of the ways in which consumers are looking to cut back on their outgoings is by looking more closely at their insurance policies to see which ones they can cut back on and which they can cancel altogether.

Officials have stated that this situation means that the insurance industry could suffer huge losses amounting to £1.5 billion, with people either reducing their cover or cancelling altogether. A survey was carried out by Deloitte, and this showed that over a quarter of consumers – around 26% – are looking to reduce the amount of money that they spend on insurance cover over the coming twelve months, which spells bad news for the insurance industry.

Motor insurance has gone up in cost over recent months, and around 18% of consumers are looking to downgrade their vehicle insurance cover to a lower level, which will work out cheaper in terms of premiums. Around 26% of consumers said that they would be looking to either reduce or cancel their payment protection insurance cover over the coming twelve months too, and it is thought that the PPI industry will really suffer as a result of lack of affordability amongst consumers.

One insurance industry professional said that whilst he understood the thinking behind consumers’ actions in reducing or cancelling cover it was also important for consumers to think carefully about the repercussions of cancelling certain insurance policies, as they could suffer financially in the longer term.

He said: ‘At a time when households have less disposable income, it is understandable that many will look at how they can reduce their spending. However, consumers should think carefully about which types of insurance they most need in a downturn. A short-term saving could cost a lot should an accident occur and adequate insurance cover isn’t maintained.’