If you’re looking to cut back on costs and wondering where to start, then checking how much you’re paying for insurances is a great way to save some money.
We know shopping around for insurances isn’t the most exciting thing to do in the world, but if it means saving hundreds of pounds then it’s worth it.
So, grab yourself a coffee and strap yourself in, we’re going to help you cut back on your outgoings.
Car insurance is on the rise every year and can take a big chunk out of your driving budget.
It’s important to know what to do when looking to renew your insurance so you’re not splurging out.
Don’t automatically accept your renewal quote each year. Look around at other insurers first.
A lot of insurance companies provide the best price for a driver’s first year with them.
If you feel your renewal price has risen a considerable amount there is no harm at looking at other companies before accepting.
It could save you a significant amount of money year on year.
Don’t leave it until the last minute
Start looking at other policies at least a couple of weeks before your current one runs out.
Don’t run a quote a day before your old policy runs out, you’ll find the price is a lot higher than if you looked a few weeks or a month before. This is because insurers know you’re running out of time and therefore more likely to pay a higher price.
Look for an insurer who is willing to lock in the price earlier than when your renewal is up.
Don’t put everyone on the same policy
Even though this is more advantageous for young and new drivers this isn’t the case for more experienced drivers.
The more people who are included on one policy, the more expensive it is likely to cost.
Although it can be better for you to be on your children’s policy as a second driver, including them and others on yours may impact the price drastically.
Increase voluntary access
The higher the excess on your policy (the amount you contribute towards any claim you make) the lower the premium.
We don’t mean set the excess so high it results in you struggling if you come to claim. However if you can afford to pay more for your excess each month, then this could bring the overall price of your insurance down.
Put some money to one side throughout the year for your car insurance so you can pay it in an annual sum.
Insurers can charge heavily for paying in installments. Although this is convenient it can become the most expensive.
We’ve got some great deals for NHS and healthcare staff on motor insurance, take a look.
Your home is probably your most valuable financial asset so it’s important to have the right cover in case the worst happens.
Like with most insurance policies, it’s best to shop around before your renewal quote comes through.
Ronnie Lewry, insurance expert at the Telegraph’s Home Insurance service provided by PayingTooMuch.com, says:
“We find that many of our customers have seen their premiums rise over the years that they have remained with a single provider. When they receive a quote from us they are shocked by how much they can save. One customer had been with his insurer for 27 years and his renewal price was £972. We found the same cover for £229, a saving of 75pc.”
When choosing the best home and contents insurance you should consider excess levels as these will vary by provider. Ideally if you can pay a higher excess, you will pay a lower premium.
When looking at contents insurance, honesty is the best policy. If you have valuables in your household as high as £15,000 then you must specify that these are covered with your insurer. You may be paying a higher premium, but it’s better to have the peace of mind.
When you are getting a quote, you may be asked if you live within 400m of a river, quarry, streams, brooks and the sea. You’re more likely to pay more if you live near water as it’s more prone to flooding.
If you are unsure, then you can easily check using the ruler tool on Google Maps to estimate how far from water you are.
Check out our home insurance offers to see if you can save by being a Health Service Discounts member.
Although holidays are probably the highlight to everyone’s year, don’t let not being covered ruin it.
Touch wood, you or any family doesn’t have an accident or fall ill while you’re away but if you do, it’ll be a relief knowing you’re covered for it.
James Dalton, director for general insurance at the Association of British Insurers, said: “No-one wants to go on holiday and have to make a claim on their travel insurance, but for some travellers, having something go wrong can be a very real experience.
“Falling ill abroad can be very traumatic, but travel insurance can cover the potentially high medical treatment costs which can run into tens of thousands”
If you’re planning to take a single trip for a fortnight’s holiday, don’t be swayed into buying for an entire year. Unless you’re a frequent traveller an annual price may be more expensive than a single trip deal.
Remember if you’re only travelling to somewhere in Europe, only buy cover which covers this area. Worldwide insurance which covers US, Canada and the Caribbean usually cost much more.
Travel cover can be harder to find as you get older as medical conditions may come into play. However, no matter what age you are or what medical condition you may have you should never conceal this to get cheaper cover. This will invalidate your policy which could stop you being able to claim.
Beth Macer, Travel Insurance Expert from PayingTooMuch.com says: “Honesty is always the best policy when it comes to travel insurance, and declaring all pre-existing conditions is a necessity, to ensure you have adequate cover when abroad. Declaring medical conditions doesn’t always mean that the price of your insurance will sky-rocket. It does however ensure you are fully protected if the worst were to happen.”
Skiing and activities
If you’re planning on going on a skiing holiday, winter sports often appear in a policy’s list of exclusions.
It is essential to check the list of inclusions that relate to your skiing holiday and compare to get the best deal.
Similarly, if you think you will take part in activities like para-gliding or bungee jumping, then check you’re covered for it first.
You can see all our best travel insurance deals on our website.
Private healthcare insurance can offer peace of mind when you require medical treatment.
It offers three key advantages such as shorter waiting times, quicker diagnosis and better facilities.
Here are a few ways you can lower the costs of your healthcare plan while still receiving the benefits.
It’s no surprise that this is one of the easy ways to lower the overall price.
You can bring down your monthly subscription by chipping in that little bit more.
Your excess could be quite low, and you’ll only be asked to pay once a year for each person who claims.
Further savings when you renew
Some insurers reward you with savings each year if you don’t make a claim (just like car insurance).
If you don’t need to make a claim, then you’re no claims discount will be reduced.
Like most insurance companies, if you pay a yearly sum instead of 12 instalments it tends to work out cheaper. You could save around 5% a year.
Explore your options
Some insurers will allow you to choose the six-week option.
With this you will be treated by the NHS if they can treat you within a certain time scale.
If you wait longer than this, you’ll be able to receive private treatment straight away.
You could avoid waiting lists and make savings on your monthly subscription.
We hope this article is useful for next time you are shopping around for insurances. If you haven’t already joined our discount scheme, don’t forget it’s free to join and free to use. Sign up today!
Emily is our Marketing & Brand Executive, providing healthcare staff with useful tips and advice they need.
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