Finding The Best Insurance Deal
The world of insurance can be a tricky one to navigate. Be it car, home or travel there seems to be an endless list of options available to us, while no one of us ever really wants to claim on insurance because of the associated stress and difficulty associated with the reasons behind insurance claims, such as accidents or damage to property and possessions. However, if you do need to make a claim it is vital that you have correct and adequate cover for your needs.
When looking for insurance, cost seems to play a big part in deciding which insurer to go with or policy to take. Whilst cost should be a consideration it should definitely not be the deciding factor: there is no point paying for a policy that does not match your requirements. In addition, insurers tend to offer a number of rewards for taking out their insurance, from cash-back rewards to cuddly toys (which shall not be named!).
Whilst these incentives can be enticing, you need to stay focused. Look at the policy and the level of cover it provides. If comparing polices between providers make sure you are comparing like for like. A comparison service such as the one found at http://www.knowyourmoney.co.uk/ is easy to use and describes clearly the variations in policies offered by insurance providers.
The type of insurance you need to take out is also important. If you are a tenant, for example, you will only need to look for home contents cover as it is you landlord’s responsibility to provide buildings cover. If you are looking for travel insurance for a ski holiday then you will need to make sure that your policy includes winter sport cover. Some policies include this as standard but others do not, making it essential to always check the small print.
An excess payment is the amount you have to pay before your insurance will pay out. For example, you may have a scratch on your car that will cost £250 to fix but your insurance excess is £300. In this instance your insurance would not pay anything as the cost of repair is less that your excess. However, if the repairs cost £500 then you would have to pay the first £300 and the insurance company would pay the outstanding £200. Your insurance excess will varies from provider to provider. Often, you can opt to pay a higher excess to reduce your monthly payments. Check the excess payable in your policy
In some instances insurance is not simply for your own peace of mind but is also a legal requirement. In the UK you are required by law to have valid car insurance on any cars/vehicles you own. If you do not have insurance this can lead to fines, legal prosecution and confiscation of your vehicle. In addition, some businesses require personal liability insurance to cover them should a customer have an accident on their property. A breakdown of the various kinds of insurance and when they are legally required can be found at the following online resource: www.knowyourmoney.co.uk/insurance/.
Whatever type of insurance you are looking for, always make sure it is up to date and you are making payments. An oversight or bank error when missing the payment is not a good enough excuse when it comes to breaking the law.