1. Shop around
Instead of simply accepting the
renewal quote from your existing insurer, shop around for a cheaper
premium. Likewise, if you’re buying a new car don’t accept the dealer’s
insurance offer without comparing prices first.
Internet comparison sites such as
MoneySuperMall.co.uk make this easy to do. By filling in just
one form you can get quotes from 97% of insurers in the market. The
difference between the highest and lowest quotes can be hundreds of
pounds.
2. Pay annually
If possible pay your premium
upfront in one payment. If you opt to spread payments and pay by monthly
direct debit instead you will be charged interest which can add up to a
third onto the quoted price.
If you can’t afford to pay the
whole premium at once, consider taking out a 0% credit card to spread
the cost.
3. Be a good person
Not making any claims will earn
you a no claims bonus which will qualify you for discounts on future
premiums. The no claims discount can be transferred between insurance
companies and you could get up to 75% discount on typical prices if you
manage to stay claim-free for five years.
4. Increase your excess
When you ask for a car insurance
quote you will be asked what level of excess you want to pay. The
“excess” is the amount you will have to contribute to any repair or
claim before the insurance kicks in.
The higher the excess the less
chance the insurer will have to pay anything at all so the lower the
quote. But if you opt for a high excess consider whether you could
really afford to pay this amount in the event of an accident.
5. Building Insurance
Buildings insurance will usually
cover both the structure and the permanent fixtures such as plumbing,
baths, toilets, doors and cupboards. You will need to check your policy
to see if it also covers what are considered 'outbuildings' such as
garages, garden sheds and the like. The policy may cover for damage from
a number of causes, which may include fire, landslide, flood, falling
trees, vehicles, earthquakes or lightning.
6. Content Insurance
Equally important should be
insuring your home's contents, which are your possessions - your
appliances, electronic goods, furniture and clothing. A surprising one
in four households doesn't carry contents insurance, though - many of
them renters - leaving them liable for loss or damage due to burglary,
smoke, fire or flood and water.
7. Specialty insurance
Specialty vehicles such as sports
and kit cars, classic cars, 4x4 vehicles, motorcycles and other less
common vehicles may command much higher premiums than regular cars.
8. Travel Insurance
Travel insurance policies will
have clauses dealing with existing medical conditions, and many will not
cover any illness related to existing conditions. Heart patients, people
with HIV and those suffering from other illnesses may have difficulty
finding coverage; the elderly may have difficulty as well, even without
existing medical conditions. Check with a specialist company for the
best deals for older travelers.
|
