Top Ten Tips - Insurance

There are literally thousands upon thousands of insurance policies out there, when you insurance is up for renewal be sure to remember our top ten tips on insurance to help you make the right decision.

  1. Be wary of “cheap” insurance policies. They are usually cheap because they are not as comprehensive as others.
  2. Make sure you read the policy document thoroughly and check exactly what you are covered for. You may find something that you deem important that isn’t covered and likewise there may be optional extras included in the policy that you simply do not need.
  3. Do your home work; check the Internet and press. Get comparisons and make your choice from there.
  4. Consult a mortgage/insurance broker or a financial adviser; they will be able to help you. Although not all advisers have access to the whole insurance market they will be able to give you comparative quotes from the insurers they use and identify any insurance needs you may have.House Insurance
  5. Insurance products should meet your present needs, whether those needs are for insuring your home contents against theft or your income should you be made redundant. There are many forms of insurance that can be used for many different purposes; Car Insurance, Buildings and Contents Insurance (Home Insurance), Accident, Sickness and Unemployment Cover (ASU cover, some times called mortgage payment protection or mortgage repayments cover) Life cover, Critical Illness cover and Private Medical Insurance are just some of the main types you will come across.
  6. It is a good thing to ask your self the “what-ifs” for example, what if I was to have an accident in my car? What if I was to get ill? Etc... Many people are too quick to dismiss such events with comments such as, “that won’t happen to me...” but take a moment to think who you know that may have had their house broken into, lost their job, developed cancer or some other critical illness or even worse died. All these have considerable knock-on events and usually the biggest and most frequent is the financial effect.
  7. When applying for an insurance product of any sort, always make sure you give as much detail as possible. A high percentage of claims are declined because of non-disclosure or inaccurate information given at application stage.
  8. Make a note of when your insurance policies are coming up for renewal, give yourself plenty time to shop around, it is usual for your renewal quote from your existing provider to be more expensive than your original policy. Be ready to change to a more competitive insurer, just make sure the policy covers exactly what you require.
  9. Many insurance policies have what is called a policy excess. The policy excess if the initial amount you have to pay of any claim. For example if you make a claim for £1000 on your contents insurance because your house was broken into and your policy excess is £100, your insurance provider will pay £900 of the claim and you will be expected to stump up the other £100. Usually the higher you have your excess amount, the cheaper your policy will be.
  10. The insurance industry, like the mortgage industry, is also regulated by the Financial Services Authority and therefore you can find further information from the FSA by visiting www.fsa.gov.uk

 Gary Taylor - Search and Apply

 " For information purposes only. It does not constitute advice, and therefore cannot be relied upon as such.”

 

 

 

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