Tuesday, September 24, 2013

Nothing is More Interesting Than Insurance

Well, if you take that literally most people would find that doing nothing is indeed more interesting than sorting out things like insurance. However, it is one of those things we need to do or risk the consequences. With so many insurance providers and products on the market how do you know which ones are right for you?

Comparison sites

Many people now sort out all their insurance needs online. There are lots of comparison websites available which will give you quick quotes and compare policies that are available from different providers based on the criteria you submit. While these sites can not advise you on what is the best policy for you, they can filter a lot of information very quickly which saves you a lot of time. Always read policy details carefully and make sure you are clear about how much the 'excess' is, which is the cost you will have to pay towards any claim. Beware of special introductory offers which might tie you in to longer renewal contracts at higher prices.

Have you got everything covered?

There are lots of types of insurance available for different things you own or do: car insurance, home insurance for building and contents, travel insurance for luggage loss, health care or extreme sports. What is covered by each type of insurance can vary from one policy to the next so you need to check what you are getting for your money. For example, some personal items are not always covered by home contents insurance and if they are they may only be covered while they are in the insured home. So you need to read carefully through the features of your policy and never assume that something is covered. It might be too late when you find out that it isn't.

Policies based on your needs

Often your own circumstances can dictate the cost or terms of insurance policies available to you. Car insurers, for example, commonly identify age, postcode and the number of previous claims/accidents as risk factors which would determine the detail or cost of a policy. You may find that you belong to a particular demographic group which has insurance policies tailored specifically for your needs. Similar things can be said about contents insurance with a different range of packages available in the market. For example, AgeUK provides a range of insurance policies designed for over 50's. Click here for more information on AgeUK contents insurance.

Help is at hand

So, with so many options available, searching for insurance and making sure you get the right policy can be a bit of a minefield. Do not worry, you won't be alone if you need to ask for help. Impartial advice is available from the Money Advice Service online, over the phone or face to face. The Money Advice Service was set up in 2010 (although it started life under a different name) to help increase the public's knowledge and understanding of financial matters with the view to enabling them to better manage their own financial affairs.

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