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Insurance renewals
All of us will, at some time or another, have a wide range of insurance and assurance policies current that will come up for renewal on an annual basis. It is all too easy to accept the renewal notice that drops through the door as the current and implied best rate available. That is a fallacy and something that should actively be challenged each and every time a policy comes up for renewal.
Some of the biggest costs may well be attributed to housing buildings and contents insurance. Following a steep decline in property values, it is too easy to assume that the level of cover in place is adequate for rebuilding or replacements. Now is the time to validate the cost of rebuilding the home in the event of a total loss since it may be possible to safely reduce the monetary level of cover and, hence, the premium payable. With retail price inflation indices showing a negative trend, it may also be possible to reduce the contents cover or, at least, hold the value at its current level. Linking contents and building insurance could also be worthwhile as it can reduce total premium payable. If paying on the monthly scheme available, check that the rate charged is competitive else look to take out a lower rate unsecured loan to pay the premium in one instalment.
Motor insurance costs have been steadily increasing over the past years. Making sure that the insured value of the vehicle is appropriate can help to reduce the premium. But probably the biggest drivers to premium cost are related to the level of excess (or the amount you will have to pay before the insurance company contributes) and the type of cover. It is a legal requirement to have third part liability insurance, but only consider comprehensive for higher value vehicles or for those where it would be hard to replace them from savings or income. Adding experienced named drivers to young motorist`s policies can also help to reduce premiums charged.
For those that enjoy overseas holidays, there is a tendency to look only to the tour operator or travel agent`s offer of insurance. There are many independent and reputable insurance providers that offer travel insurance at competitive rates. These can be secured for either single trip or annual terms and for individuals or families. For those taking two or more overseas trips, an annual policy can certainly deliver savings. You are not obliged to take the insurance offered with the holiday you are planning – take the time to search on-line for better offers and save considerably on the amount paid.
Life assurance policies should also be regularly checked. Whilst age tends to work against most of us, there are occasional offers for life cover that either involve no medical examination or a two year no claim period. If moving house, you should check with specialist brokers or through on-line searches that the mortgage protection policy that is bought reflects the best possible rates. You must declare any medical preconditions that could affect a provider`s decision to offer cover since if it later comes to light that such an impediment existed and was not disclosed it may invalidate the policy. No matter where you look, some providers will offer a range of insurance and assurance policies. Make sure to check non traditional providers too, such as AA Life Insurance Services, as well as the established players.
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