Bright Notion

Everyone know’s not to accept the renewal price from your current provider on your Home and Car insurance cover. After mortgages, this is the most effective area to save money by seeking alternative insurers. According to the Daily Mail, On average you will save £214 by shopping around, while buildings and contents insurance tumbles from £320 to£200. It is so easy to get quotes on the internet, and if you don’t spend at least one lunch hour a year finding a better deal then you have too much money.

1. Reclaim PPI
Pricey and poorly sold, PPI is one of the most lucrative products ever devised by the finance industry. It can add £3,000 to the cost of a £7,500 secured loans. Many people who were sold ppi could’t claim on it 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
Naive youngsters are strongly pressured in phone shops into spending between £50 and £70 a year on this insurance. Airtime abuse is not covered which is the greatest risk (if the phone is used to ring abroad), and if your phone is lost your home and contents should coiver it.

Cancel your direct debit with the bank and the insurance will lapse.

3. Rethink your life insurance
You can also cancel your life insurance. Just because the life assurance was sold to you with your mortgage doesn’t mean you have to stick with that provider for the life of the mortgage. the policy can be canceled at any time to get your cover even cheaper. With the human lifetime improving (ie. fewer people dying), life insurance companies have been reducing premiums for more than a decade.

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 yearly 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. cover is often provided when outside your home.

Step 3 Check your medical insurance policy, if you have one. These requently cover the costs of treatment incurred abroad. when you are only travelling to Europe, the only real benefit that travel insurance cover brings is cancellation cover. Can you justify paying the premiums?.

If traveling outside the EU you must have travel isnurance If you go away more than once a year it is best to take a annual policy though again don’t pay for cover you don’t need. E.g., f you don’t ski or snowboard, you don’t need winter sports cover.

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