How To Get More From Your Insurance Policies

We’re constantly bombarded with advertising campaigns that promise to help us find the cheapest insurance deal, whatever we’re looking for.

However, the cheapest insurance deal doesn’t always mean the best insurance deal. In fact, not taking your time to find out how to get more from your insurance package and just thinking the cheapest is the best could end up costing you a small fortune.

Here are some pointers that will help you get more from your insurance policies.

Think About the Long Term

A voluntary insurance excess is the perfect place to look at this issue. How many of us have accepted a higher premium so that we can reduce our excess to zero? Alternatively, how many of us wanted lower payments so increased our excess?

Those in the latter category are commonly in the “it won’t happen to me” trap, which leaves them unable to claim anything worthwhile if things do happen. In addition to the insurance excess, you should also be thinking about things like legal fee protection, should you ever need it.

Depending on the specific type of insurance, you might also need public liability insurance and other protection, if you’re a taxi driver, for example, then these will all be applicable. Taking out your taxi insurance with XYZ will help you tick every box when it comes to thinking of the now and the long-term.

Don’t allow your insurance to ruin you financially, not now or in the future.

Consider Umbrella Insurance

If you’re taking out various policies, this is a sensible option while, yes, it keeps the costs down, too. The main reason umbrella insurance cover works so well is that it covers everything once and leaves you as protected as possible.

If you have home insurance and car insurance, for example, then you might need your car insurance to cover any damage to your possessions while in the car. An umbrella policy will instead cover whatever you need, reduce the cost, and make it easier to claim, too.

Know What You Need

Even if you need insurance in the very near future, taking the time to work out exactly what you need will enable you to get the best possible policy. When you call an insurance company or even when you apply for a quote online, much of what you’ll hear and see is based on assumptions of the ‘average person.’

That the average person has never taken out a specific element of cover won’t be any consolation when you find you can’t make a claim; know what you need, don’t let insurers just tell you what you should have.

Add Up the Discounts

If you have a history of no claims, have had an extra alarm fitted to your home, have HD CCTV fitted in your taxi, or anything else that might reduce your premium, then be sure to tell your insurer about it.

Things such as these can have a small impact on their own, but together, and over time, they can result in a significant saving, as well as you having additional extras bundled onto your insurance without you having to pay anything.

Jonny is a consumer rights champion who enjoys sharing advice and guidance with others related to finding the hardest working insurance deals as well as navigating personal finances.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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