The aim of insurance – be it car, home, business or travel insurance – is to mitigate risk and protect you and your assets from any unforeseen circumstances. There are thousands of providers on the market; the question is: are you receiving the cover you need?
If your policy is up for renewal soon, it pays (quite literally) to set some time aside to review your current insurance. Even if you don’t realise it, your circumstances are changing all the time and just one small change could have a huge impact on cost.
Not only can reviewing your insurance save you money, but it will also help you to determine whether you are receiving the right level of cover for your needs. If you automatically renew your policy without second thought, you might not be adequately covered and therefore will be exposed to several potential risks.
Carrying out a review of your insurance doesn’t just involve logging online to compare quotes – there are several other factors you need to bear in mind, such as:
- How often do you review your insurance? Ideally, a review should be carried out a couple of months before each renewal as this will give you time to assess your needs and ensure you are getting the best deal.
- Are you confident that your insurance is competitively priced? Though all policies are unique to the policy holder, there’s no harm in researching average insurance costs (for your size home or business type, for example) and asking other people for advice.
- How much have your circumstances changed since your last renewal? As mentioned, one change could make a huge difference to the cost of your premium.
If you’re reviewing your home insurance policy, bear these factors in mind:
- Have you made changes to your home? If you’ve extended, for example, the extension may not be covered on your current policy.
- Have you recently bought expensive items? If so, they’ll need to be accounted for on your contents insurance if you want to protect them.
If your car insurance is due for renewal, answer the following:
- Have you changed your job since the last renewal? Occupation affects premiums and your insurer should be notified, regardless of whether you drive to work.
- Are all drivers listed on your policy, or are there any drivers that you need to remove?
- Have you recently customised your vehicle?
Steve Rayner, General Insurance Manager at PayingTooMuch.com said: “Typically, by renewing with the same insurer, year after year, you are missing an ideal opportunity to save money on your home or car insurance. So, when your insurance renewal comes through, don’t accept the premium offered without checking with PayingTooMuch.com.”
Setting time aside to review your insurance policy a couple of months before its up will help to ensure you’re getting the right cover for the right price. If your home or car insurance are due for renewal, give us a call and we can check to see if we can save you money.