While it can seem frustrating having to pay a little money every now and then without receiving anything concrete in return, insurance is potentially one of the most financially smart decisions we can make. If we're running our life on a budget, the last thing we need is to have to fork out to replace or fix something expensive because of a simple accident.
If you can secure a good deal on your insurance policy, you could save yourself a huge chunk of money in the long term. Here, we take a quick look at a few ways in which to ensure you get the best deal when the time comes for you to get insured.
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There's no excuse for failing to shop around nowadays, regardless of what you're buying. The internet has made it so simple for consumers to compare prices and packages from their own home, making it a sin to end up paying more than you have to for something like insurance.
Whatever you're insuring, be sure to check around on all of the popular comparison sites. Unfortunately, there's not yet a comparison tool for all of the comparison websites but you should be able to source the best deal in no time nonetheless.
Understand the cover that you need
Insurance nowadays can be a complex business, especially with so many types of cover to choose from. It is important that you head into your search knowing exactly the level and extent of cover you are looking for. This will help to ensure that you don't end up paying more than you need for something you don't want. Keep up to date with insurance news and law changes to ensure you have at least the minimum cover required.
Consider using an excess
The excess is the amount that you pay from your own pocket in the event that an insurance claim is filed by you. If your excess is marked at £50 and you're claiming for a bike to the value of £100, you will pay the first £50 and your insurer will cover the rest. Even including a small excess within an insurance policy can help lower the price by a long way.
Think before claiming
The minute something which is covered by your insurance policy goes missing or becomes faulty, it can be one's instinct to get straight on the phone to an insurer to put in a claim. The truth is that this isn't always the smartest move in the long run.
When you receive a quote for a new insurance premium, something that your insurer will take into account is your claims history. Just as you can build up a no claims discount on your car insurance, a clean history will help see lower premiums across the world of insurance. Try to claim only when it is necessary or when you stand to receive a sizeable payout for your insurance company. Alternatively, look at protected no claims options which mean one claim won’t wipe out your clean record.
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