Real Estate Investing Videos

Tips for saving money on your insurance

from your current provider on your Home and Car Insurance policies. After mortgages, this is the easiest area to save money by requesting new quotes. According to the Daily Mail, shopping around can save the average buyer £214, while buildings and contents insurance tumbles from £385 to £250. The internet makes it incredibly simple to find quotes, and if you don’t spend at least one lunch hour a year finding a better deal then I wish I had as much money as you!.

1. Claim back payment protection insurance
Overpriced and oversold, Payment Insurance is one of the most lucrative types of insurance formed by the finance industry. It can add £3,000 to the cost of a £7,500 personal loan. Many whom were sold PPI were always unable to claim against it This money is now eligible to be claimed back.

Many companies will attempt to claim the money back, but you will pay a 25% premium on the monies awarded. Instead, call the FOS which is currently upholding around four out of five complaints about being missold PP . Helpfully, it offers a factsheet on how to make a complaint about PPI which you can find at financialombudsman.org.uk

2. Cancel your mobile phone insurance
Many people are strongly pressured in phone shops into spending between £60 and £70 a year on this insurance. Most policies don’t cover you for the most dangerous type of risk airtime abuse (if the phone is used to ring abroad), and if your phone is lost your home and contents should coiver it.

Mobile insurance is usually set up as a monthly direct debit, so it’s a very easy one to cancel.

3. Rethink your life insurance
Life insurance is not for life. Just because the life assurance was sold to you by the provider of your mortgage you don’t need to to stick with that provider for the life of the mortgage. You can cancel it at any time to get a cheaper quote. With the human lifetime improving (ie. fewer people dying), life insurance companies have been lowering the cost of life insurance for many years.

If you are in a job at a big employer, it is likely to offer “death in service” benefit worth as much as three times your annual salary, and often more. Do you really need all that life insurance cover on top as well?

4. Don’t pay for travel insurance you don’t need
Step 1 An EHIC card provides free or reduced cost treatment in EU countries

Step 2 Check your home insurance policy. most cover your belongings ouside your house.

Step 3 Check your medical insurance policy, if you have one. These usually cover the costs of treatment incurred abroad. For most holidaymakers, who travel to southern Europe once a year, the only real benefit that travel cover brings is cover in the event of a cancellation. Is that worth the premiums.

You mustn’t travel outside the EU with out travel insurance cover Policies that last for a year and cover you for more than one trip always make sense if you go away more than once a year don’t pay for what you don’t need. For example, cover for winter sports.