At The Insurance Emporium, we believe in living life to the full! This can mean that, whether it’s your prized sports car, humble abode or an adventure across the world, there are plenty of things to think about looking after. People often compare the cost of their insurance, with many looking for a cost-effective way to protect their passions. We’ve looked at some of the insurance types that you could be paying too much for and the reasons behind this.
Driving a hard bargain
According to the Association of British Insurers (ABI) report in October 2017, motor insurance had reached its highest average premiums since their records began in 2012. Why does this figure keep going up though? There can be a whole host of factors leading to increased prices for car insurance. Claims could be one thing that leads to rising costs. If you’ve ever been unlucky enough to be involved in a collision, or even witnessed one, then you may have seen people rubbing the back of their necks by the side of the road. This isn’t just a roadside massage, instead it could be the warning signs of a whiplash claim! According to the ABI, there are over 1,500 whiplash claims a day in Britain – these cost insurers over £2 billion a year. That sounds like a real pain in the neck! Changes to the Ogden rate also mean that insurers have to pay more out for car insurance claims. This discount rate, which applies to claims pay-outs, went from 2.5% to 0.75% in late 2017. Add the 2% increase in IPT, going from 10% to 12%, in June and you can see why your premiums may have gone up! There are certain things that you can control however. It might seem obvious but ensuring that your details are accurate on the form, whether it’s getting your job title right or the number of years no claims bonus you have, could make a big difference! Also, young drivers might want to include an experienced driver on the policy if they have access to the vehicle!
Booking a trip and heading off on an adventure is one of the things that makes life so fun! Buying travel insurance could help make your trip as magical as possible with less to worry about if things go wrong. Ensuring that you don’t break the bank for your insurance might be the perfect start to your holiday but what’s stopping you from doing that? Travel insurance comes in all shapes and sizes, so it could be important to take extra care and ensure that you’re only buying what you need. If you’re only planning on taking one trip in a year, taking out an annual policy might be a waste of money! This works the other way too, if you’re a regular globetrotter then taking up annual insurance could mean you’ll avoid buying a new policy for every escapade. They say you can never have too much of a good thing but this might not be true when it comes to travel insurance! If you’re heading to Europe, you might want to be careful that you’re only paying for cover in the countries that you’ll actually be visiting, as worldwide cover could be much pricier! Whether you’re going to Cornwall or Costa Rica, Blackpool or Barbados, taking the time to find the perfect cover for you might help to save some cash for the holiday fund!
Whether it’s a burst pipe or a burglar, home insurance can help you prepare for the unforeseen. Yet there are things that you could do to try to ensure that you’re not paying too much for this peace of mind. As with travel insurance, the answer might be in ensuring that you’re only paying for what you need. Using an online contents calculator such as the one provided by Confused.com, could help you when it comes to pricing up your possessions. Picking the right insurance for your personal circumstances is important. You might feel tempted to go along with an insurance policy that your mortgage provider offers. Whilst this might be the most convenient thing to do, it doesn’t necessarily guarantee you the best deal. Buildings and contents policies can often be bought as separate policies, so it could make sense to buy these from different providers. We all want to feel secure when leaving our home behind as we head out on our adventures. Taking your time and picking the right insurance could give your wallet that all important peace of mind too!
It’s not all bad!
It doesn’t have to be doom and gloom when it comes to insurance premiums! Taking your time, making sure that you’ve chosen the right product and entered the correct details could be the difference when you’re looking to bring those premiums down. There have also been some big changes to legislation in recent years to try and help people get a fair deal. For instance, six years ago the EU Gender Directive ruling was put in place so that insurers could no longer use gender as a factor when it comes to premiums and benefits. The debate is ongoing as to how successful that has been but it could be seen as a signal of intent when it comes to equality in insurance! The biggest positive of getting your insurance sorted might simply be that feeling of security and safety when you’ve protected something that’s important to you! At The Insurance Emporium we believe that the whole idea of insurance is to cover you for the unexpected and knowing that you have a policy in place might help to give you the peace of mind to enjoy your adventures in life worry-free!
Here at The Insurance Emporium we think that life is for living and the more that you watch the pennies, the more you can put towards the things that you are passionate about. If you’re looking for quotations on your insurance, whether it be Motor*, Travel^, Home** or more, head to The Insurance Emporium to see if we can help!
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*The Insurance Emporium car insurance is administered and arranged by Insurance Factory Limited. Insurance Factory Limited are an insurance intermediary and not an insurer.
^The Insurance Emporium Travel Insurance is provided by Insure & Go Insurance Services Ltd. and underwritten by MAPFRE ASISTENCIA COMPAÑÍA INTERNACIONAL DE SEGUROS Y REASEGUROS, SOCIEDAD ANONIMA.
**The Insurance Emporium home insurance is administered and arranged by Insurance Factory Limited. Insurance Factory Limited are an insurance intermediary and not an insurer.
This blog is in no way sponsored, endorsed or administered by, or associated with Confused.com.