Three tips on your insurance policies
Tip one: save on insurance
It becomes increasingly popular by all insurance companies to spread payments of annual premiums in monthly amounts. This financial technique has a financial cost, and this cost is paid by the owner of the policy.
Looking at various websites of insurance companies, we can see increases close to 15% when the policy is broken every month. Moreover, some insurers allow the splitting in two yearly payments without increasing the amount of insurance.
This additional cost is very high, to get paid more every month. The best step we can perform is to divide that amount into twelve parts and force us to save at least that amount. As always, these savings we will put in an interest bearing or similar.
Tip 2: a policy trick.
The usual mechanism for not renewing the esure car insurance policy for example is to return the bank receipt when the bank charged us. As we paid, the esure insurance company sends us a letter telling us that if we do not pay in 60 days we will cancel the policy.
As we have recruited other insurance we do not pay attention to this letter, and after sixty days, we will cancel the old policy for nonpayment. Well, insurer may wants us to claim the full amount of insurance litigation because the fact we do not want to renew the policy.
The Esure Insurance Act is clear on this point, and the insured is required to notify the insurance company about the policy non-renewal. If we do not renew policies, we must send written notice to insurance companies with two months notice.
Tip 3: Make sure your insurance is not doubled.
A feature that most users have insurance is double coverage in many parts of our goods. Especially, the home insurance is one of the more usual to be doubled.
If we live in a building, the community of owners should have an insurance policy that covers the full value of the entire building. If you already have this policy, there is no point in additional private insurance for your home.
If there is a serious incident, the policy of the building should be charged for the replacement of property or payment of the flat values. Once a policy covers an accident, the second policy will not cover it, because the law itself prevents insurance duplicity enrichment.
If you are in this situation, renegotiate the terms of the insurance of your property and make you a copy of the insurance policy of the building. Your home insurance will reduce by a significant amount.