2020 has been the year to save money wherever we can.
Insurance of course is one of those things you cant choose to buy, for your car, camper or motorhome its a 'Grudge purchase' the government requires. Your caravan insurance may not be required by law, but it is needed for common sense and comfort.
Last month I reduced my home insurance with LV from £390 to £265. And, this month my car insurance from £443 with LV (Which had gone up 11% without any claims and no convictions) to £280 with Halifax Insurance.
How did I do that and save over £288? Here are 5 Top Tips to keep premiums lower and save money, do this activity every time you need to buy or renew your insurance whatever it is for:
- Make a list of exactly what you need to include and how much the cover should be. For instance, I didnt realise my home insurance included 'Unlimited rebuild costs', so I reduced the cover to £400,000, which is more than I would need to clear and rebuild the house. How many miles did you do last year? if your cover is unlimited and you only did 5,000 miles, set a limit to say 7,000 for some added fat, you can always increase it if you are approaching your limit. How many people are on your policy as additional drivers? Do you have the children but they have moved on, your wife/husband but they have their own car and never drive yours, or they hate to drive the motorhome. If you need someone for emergencies fine but you can save money by removing unwanted additional drivers
- Dont do a 'Quick quote' or make a speedy purchase. The rates insurance companies provide are based on one thing and one thing only. Risk! What is the risk of covering you, that is why a city centre home in Manchester will cost more than a leafy village in Norwich. The risk of accident or theft is higher so higher premium, so ideally speak to someone or do a full online quote with all the details provided, this will provide a more accurate and usually cheaper quote
- Having made your list, make sure you have all your documentation to hand. Your last or renewal policy. Your V5 and details of others to add or remove. Your no-claims details or previous convictions. Your driving licence, they will need the number most likely
- Shop around! Every year, get a fresh quote either from your existing insurer or better still from another. It is a sad fact that loyalty does NOT engender better service or cheaper rates as a reward for your loyalty.
- Dont be afraid of telling the agent you are speaking to your renewal premium or competitor rate. Many insurance brokers and agents have the authority to capture your business at all costs and may be given up to 10% off if they need it to capture your business. All that matters is your getting the right product at the most competitive cost.
- Finally. Cheaper isnt always better! So make sure your underwriter is in the UK and overseen by the Financial Conduct Authority (FCA) they have a policy of 'Treating Customers fairly' which means you will have someone to complain to if a claim is refused or you are treated badly.