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SAVING MONEY ON INSURANCE

Insurance protects property, assets and people against unforeseen circumstances which would cause financial hardship if and when a problem occurs.

Insurance can cover simple things like breaking plates to your auto, your home and your business.

You can insure direct with a mirade of insurance companies or via brokers who look at various options on your behalf and receive a commission from the insurer for introducing your business to them.

You can insure against loss (of vehicles, money, equipment, home fittings etc), injury (to people or animals), damage (to equipment and property) and breakdown (domestic appliances) and just about anything.

Insurance can be costly so there are a number of key areas you should watch to avoid overspending;

• insure only what you need - review the realities of NOT having insurance.
• get various quotes from brokers or insurance companies, you can save 5-20% just by shopping around.

• review insurance cover annually - your  circumstances may change and some cover you could drop or need to reduce or increase.

• is loyalty worth it?  have you insured via the same company or broker for years? May be worth checking on the open market.

• did you BUY insurance cover or where you SOLD it? often you may buy something with insurance which is a bad and unnecessary investment - e.g. insuring a refrigerator (a reliable electrical machine) is not that necessary but a washing machine (a hardworking electrical item) could be in a busy home where breakdowns are likely to be frequent.

The aim of insurance is to compensate you for your loss, you should not make a profit from a disaster, however in practice you may appear to be better off when a claim is made if old worn out goods are replaced with new ones.

It is vital to disclose any previous claims when applying for new cover, also to accurately complete forms, you risk having a claim rejected if you lie or fail to disclose information requested in the application process.

It is also necessary to advise your insurer of changes which may influence their risk, failure to do so may invalidate the insurance totally or lead to a rejection of your claim.

When a claim on your insurance is needed the fault or reason for the claim varies from who is to "blame"

• you - by dropping and breaking something, to leaving the door unlocked allowing someone to enter your home to steal.

• the other side - the driver of the other vehicle who ran into your vehicle.

• a joint responsibly where you are partially to blame.

• a natural disaster like a storm

• a company or corporation who, as a result of negligence causes you injury or loss.

Insurance is open to fraud so claims are settled with due diligence in checking your claim, make sure in the event of a claim you are able to PROVE the claim is genuine by having to hand various proofs needed to assess your claim.

• make a note of the date, time and place of your loss, damage or injury.

• obtain photographs you or someone else took at the time.

• witnesses, ideally independent who can confirm events or time scales. In a car accident collect car registration numbers, colours of vehicles, sex and number of passengers in other vehicles.

• consider all aspects of your loss, time lost from work, extra travel costs, clearing up, this can add to the cost of the claim and is a true reflection of your overall, total "loss". A simple break-in to your your home where a few items were stolen has a variety of extra costs, the lost items, broken doors and windows, trauma, time off work etc.

• write a simple and accurate report of the events as soon after the event as possible, this may be distressing but could be vital in ensuring a claim is met quickly to the proper value.

• do not be in a hurry to settle claims from 3rd parties (the other person to blame for the loss or injury), this may be good (and cheap) for their insurer may not be in your best interests.

• personal injury claims may be complex and take years to settle. Eventual settlements may be huge but can be costly to live in the meantime. Independent agents who pursue your claim in return for a commission from the insured's insurers (not you) are widespread and provide a useful service.

Insurance Questions? Insurance Advice! Insurance Company Reviews. www.insurance.freeadvice.com

Please feel free to Contact Us with questions or to give us information to add to our knowledge base.