Insurance plays a key role in many aspects of our lives and activities – from the car we drive, to the house we live in, from the business we might be running, to the caravan we might use for our holidays. When insurance renewals come around, we hope to see a reduction on last year’s premium.
Making the most of those things we own typically depends not only on getting the most suitable form of insurance, but also saving money on what that protection costs.
Insurance renewals provide one of the most convenient and timely ways of ensuring that you have the insurance you need – at a competitive market price.
Here are some suggestions to help you do just that:
Enlist expert advice
- one of the keys to getting good value for money on your insurance is to match as closely as possible your precise needs and requirements with the most appropriate policy available;
- unless you have spent years in the business, or are prepared to commit a considerable amount of time and effort to the job, however, even determining just what you need may be difficult, let alone searching the whole of the huge insurance market to identify the particular products available;
- our mission here at GSI Insurance is to do just that job on your behalf – and help you save money into the bargain;
- particular ways of saving money are likely to depend on the type of cover you are after;
- the cost of your motor insurance, for instance, is influenced by the level of cover you choose – basic third party, third party, fire and theft or fully comprehensive;
- even here, though, appearances may be deceptive – the government sponsored Money Advice Service points out the somewhat odd fact that the more extensive protection offered by comprehensive cover might often prove the cheapest;
- the structure and fabric of the building, together with the contents of your home may be insured separately, but you are likely to save money by combining both aspects of cover under the same policy;
- just as with motor insurance and many other types of general insurance, you are likely to make further savings by increasing the degree of risk you keep to yourself by accepting a further, voluntary excess;
- you might also want to take the opportunity of an insurance renewal to make sure you are enjoying any no claims discount to which you are entitled;
- if you are running a business, you might want to make sure that you are paying a competitive rate for cover such as public liability insurance, employers liability insurance, professional indemnity or product liability insurance;
- if you have a touring caravan or a static one that you use as a holiday home, insurance is likely to be one of your more important maintenance costs;
- getting the most suitable cover, at a price that might actually be saving you money is something that an experienced, specialist provider may be more accomplished than you yourself in being able to secure.
If there is one certainty, it is that your insurance renewals come around on a regular basis. What better time to stop and consider whether the cover you have is also delivering good value for money.