Welcome to this week’s money makeover which will help you make sure you have the best deal possible for any Insurance you pay for. In case you missed the first few money makeover posts, I’m writing a post every Monday with different ways to save money on everything you pay for and more…. I’m going to leave you each week with some homework or a change to make in your budget so please do join in where you can and hopefully, you’ll be saving money in no time. Also, I’ll make sure that I add the links to the other posts at the bottom of the new post each week so you can go back to the start if you want to start afresh.
So, by now you *should* know what your monthly budget is and we’ve talked about how to deal with any debt that you have so now it’s time to start looking at the other things you spend money on each month and see where you can save. The first thing we’re going to look at is Insurance.
Most of us have insurance for something – building, pet, contents, motor, gadget, boiler, travel, illness, breakdown cover…. I could go on but I know you get the picture.
I’m not a financial advisor so I can’t comment on what you do and don’t need cover for but what I can tell you is how I get the best deal for the different types of insurance that we pay for each month.
First of all, whenever I get a renewal letter through from any of my insurance providers, I NEVER renew automatically. I know that my house insurance is due for renewal next month and as soon as I get the renewal letter with next year’s premium on it, I’ll see if I can get it cheaper by switching insurers.
It’s not difficult to do – I go to a site like Money Supermarket or Go Compare and I enter all of the relevant details and find out what sort of prices other companies are charging for the level of cover that I want. I don’t click through to any of the sites at this point though, I just write the cheapest prices.
Next I go to a cash back website like TopCashBack or Quidco and search for each of the companies on my list to see what, if any, cash back is being offered. I write the cash back amount next to the premium I can see if any of the other companies beat the renewal price with my existing supplier.
If there’s any that make it worth my while changing then I cancel my existing policy and take out a new one with a different company – I always make sure that the level of cover is exactly what I need though as it’s not really saving money if I’m losing cover that I may need in the future.
There are so many different companies providing insurance these days that you’re bound to make a saving!
This week, have a quick play and see if you can get an insurance policy for less. Even if it’s not due for renewal have a five minute play with the above sites to see how much you could save by doing this whenever you have a policy due for renewal.
Previous week’s Money Makeover posts
Week One – Money Makeover Introduction
Week Two – Sort our your spending
Week Three – Dealing with Debt