Lucky Hit 24

Don’t just accept you new quote from your current provider on your Home and Car insurance cover. After mortgages, this is the most common area to reduce your outgoings by requesting alternative quotes. According to the Daily Mail, massive savings can be made the avergae shopper saving a whopping £214, while buildings and contents insurance tumbles from £385 to £250. Why not get some quotes from the internet, and if you don’t spend at least one lunch hour a year finding a better deal then you obviously have money to burn.

1. Claim back Loan protection insurance
Too expensive and agressively sold, payment protection insurance is one of the most lucrative types of insurance formed by the finance industry. It can add £3,000 to the cost of a £7,500 secured loans. Many people who were sold ppi could’t claim on it against it these people are abel to demand their money back again.

Many companies will attempt to claim the money back, but you will pay a 25% premium on the monies awarded. Instead, try the freetouse Financial Ombudsman Service which is currently upholding around four out of five complaints about being missold PP . Helpfully, it offers a factsheet on how to make a complaint about PPI which you can find at financialombudsman.org.uk

2. Cancel your mobile phone insurance
Many people are strongly pressured in phone shops into spending between £60 and £70 a year on this kind of insurance. Most policies don’t cover you for the most dangerous type of risk airtime abuse (if your phone is ued to call overseas, and if your phone is lost your home and contents should coiver it.

Mobile insurance is usually set up as a monthly direct debit, so it’s a very easy one to cancel.

3. Rethink your life insurance
Life insurance is not for life. Just because the term insurance was sold to you by your mortgage broker doesn’t mean you have to stick with that provider for the life of the remortgage. the policy can be canceled at any time and find a better deal. With longevity improving (ie. fewer people dying), the insurance companies have been cutting rates for more than a decade.

If you are in a job at a big employer, it is likely to offer “death in service” benefit worth up to three times your yearly salary, and often much more. Do you really need all that life cover on top as well?

4. Don’t pay for travel insurance you don’t need
Step 1 Obtain a European Health Insurance Card (EHIC) from ehic.org.uk or at your local Post Office. This has replaced the old E111 forms and gives you reducedcost or free medical treatment in EU countries and Iceland, Liechtenstein, Norway and Switzerland. You may even obtain treatment faster, as you won’t have to rely on a hospital waiting to receive authorisation to treat you from an insurer.

Step 2 Check your home insurance policy. Many have clauses which already cover personal belongings (ie. your suitcase) outside the home.

Step 3 Check your health cover policy, if you have one. These usually cover the costs of treatment incurred abroad. For most holidaymakers, who travel to southern Europe once a year, the only real benefit that travel insurance cover brings is cancellation cover. Can you justify paying the premiums?.

If traveling outside the EU you must have travel isnurance Policies that last for a year and cover you for more than one trip always make sense if you go away more than once a year make sure you are only paying for what you actually need. E.g., if you don’t ski or snowboard, you don’t need cover for winter sports.

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