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Welcome to the Insurance Type Section
Home > Insurance > Insurance Information
This section provides information on different types of insurance and tips on saving money on your policy.
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TRAVEL INSURANCE |
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There are many different types of travel insurance including a one off trip policy and annual travel insurance policies. It is important that you accurately determine what cover you need before taking your holiday or generally flying abroad. Many countries in the world require you to pay for any treatment you may need, so it is important to ensure that you have adequate travel insurance cover when traveling abroad.
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CAR INSURANCE |
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Car insurance is one of those things that every car owner has to have regardless of whether they want to. There are a few things that can add to the cost of your insurance premium. 1) Not having an alarm is one of those things. By having a manufacturers alarm or even better an approved alarm and immobiliser e.g. Thatcham 1 or Thatcham 2 can reduce your car insurance premium. 2) Where you park your car can have an enormous effect on your insurance premium. Each area has a risk code associated with it and this can increase or decrease your car insurance premium. Obviously you cannot move just to lower your premium but by keeping your car off the road at night or better still in a garage, will help lower your car insurance premiums. 3) The third area that can cut your insurance premium is to accurately gauge your annual mileage. If you are not planning on driving much this year state a lower mileage figure. This will help lower your premium. It should be remembered though that if you end up doing significantly more than your anticipated mileage and you have an accident this could hinder any claim that is made. 4) The final thing you can do to help lower your car insurance policy premium is to only choose the optional extras that are necessary. If you do not require a courtesy car or the optional legal cover this will help lower your car insurance premiums. |
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HOME INSURANCE |
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Home insurance covers the building and contents of where you live or it can just cover one or the other. Generally if you have a mortgage you will be required to have both and if you are a tenant you will normally be required to have just contents insurance. During this section we will explore both types of insurance and treat them as two separate issues: 1) Building Insurance. There are several factors that will affect your home insurance premium. The first is the location of your property in particular if you live in a flood damaged area. Also the construction of your property e.g. concrete is looked upon less favourably by insurers than brick. Flat roofed buildings are also less desirable to insurers. The final area that may affect your home insurance policy is the rebuild cost. It is important to state an accurate cost for rebuilding your property in the event of it being destroyed by unpredicted event e.g. fire. You should also consider that the most expensive part of a property in some cases can be the land that the building is built on. This is unlikely to be destroyed unless there is subsidence. For this reason you can save on your insurance by reporting an accurate cost of rebuilding your property that is lower than the purchase price of the property. 2) Contents insurance. This is an area where you may be tempted to underestimate the value of your personal belongings. Remember you should insure your personal possessions for the cost of replacing them i.e. what would they cost if you had to go our and buy them today and replace them? This is not the same as what the market value is for them. You do not want to sell them and you want them replaced in the event of a fire or some other unpredictable event, so you need to insure them for the replacement value. Contents home insurance also usually includes other areas of cover e.g. burst pipes etc as standard.
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