For many of us a new year means renewing your personal insurance cover, this could be life, health, car and home and contents insurance. This is usually a time we dislike as premiums increase even if we have made no claims during the past 12 months. So what can you do? There are many options and things you can do to keep your insurance costs down and we thought we would put together a little guide on these so you can hopefully save money in 2021.
This one gives us peace of mind knowing all our contents are covered, these could be laptops, PC’s, iPads, phones and even bikes. You might be surprised at just how much your contents could be worth and if you sat down and totalled it all up it could be far more then what you thought it was. So how can you save money on cover without sacrificing the level of cover.
Install Alarms – If you haven’t got an alarm then this is the first thing you should do. They don’t cost that much nowadays to install but always make sure they reach BS 3621 standards.
Security Lighting – You would be surprised at how much of a deterrent security lighting can be, burglars may favour a darker back yard so if they can see some form of lighting or it comes on when they come close then that could be the difference in them staying or making a sharp exit.
Use A Safe – Keeping your highly valuable items in a safe will mean in the unfortunate event of a burglary they will be safe so you won’t have to claim for them on your insurance, keeping renewal costs down in the process.
Window Locks – Make sure you have the correct locks on all windows that conform to British standards and are acknowledges by insurance companies.
Select the right cover for you to begin with, never simply go for the highest level of cover. Always calculate just how much you need and how much would cover the mortgage should the worst happen. Here at Protection Squared we can help with this and advise accordingly. Also consider reducing the term of the policy as the longer the term the more expensive it could be. Lifestyle choices like not smoking and having a well balanced diet with regular exercise may also help with some providers too. If 2 of you then get a quote for both joint cover and 2 single cover plans to compare costs.
Some companies like you to have not smoked for the past 12 months so the sooner you quit the better. Also be aware some employers also have a form of life insurance to cover their staff too so you may be covered by this also.
To begin with you can review your cover levels. Are you paying for a certain section like travel abroad which you can take off for now? Increasing your excess can bring your health insurance premiums down also. Obviously this only works if you don’t make a claim. Go through your cover and take off any optional benefits or extras you added that you don’t need. Always do this at renewal time as most companies won’t remove them halfway through the policy.
Use your policy wisely and don’t rush to make a claim when it could be cheaper to go via the NHS if it’s just a basic matter that does not require specialist or urgent attention.
A few ways to get cheaper car insurance include paying your premium in total at the start, this reduces any interest on monthly repayments you may receive. Be accurate with your mileage, you can always change this at a later date easily enough. Check your cars speedometer to see how many miles you have done in the past 12 months or your previous MOT certificates. Upgrade your cars security by installing a tracker which many insurance companies offer discounts for. An obvious one is obey the law and don’t accrue points for dangerous driving or speeding.
Also black boxes that monitor your driving can bring costs down too though they aren’t ideal for everyone. Check your cover, if you don’t use it for work at all then you don’t need commuting on the policy so removing this should bring your premium down. Avoid adding extras you might not need also, these should be covered as you take out the policy. Check your job title as you might have used the wrong title which could be in a higher category or risk category then what you should be in. Maybe downsize your car to a more economical and less desirable one. Build your no claims bonus as this does provide a hefty discount to most car insurers. We can help here at Protection Squared and make sure you are covered for all your personal insurance at a price that’s affordable to you and your budget.