Reducing Insurance Costs

What are the hidden costs with insurance?

There are hidden costs with insurance. Standard online insurers will not give you a good, personalized service nor point out what is exclusions that could matter alot. For instance, you could insure a mobile phone and then find out you can't actually claim for losing it unless you have reported it to the police within two hours of losing it, this happened to me. So look at exclusions carefully, look at your resonsibilities under the policy as well. And then check out the excess charges, these are the sums that you have to pay yourself before they will cover any loss. These excess charges are the nifty things that go up each year without your noticing. And also every time you make a claim the average policy increases by up to fifteen percent so you pay the next year.

Should I insure against every possible eventuality?

Should you insure yourself against every possible eventuality? You can't insure against everything in life. What you need are house and buildings insurance: one covers the fabric of the building, and the other covers its contents. Possibly, some house policies cover the garden as well, if you're lucky. You need car insurance, life insurance if you have dependents, travel insurance and personal liability insurance, which is often put in with your house insurance. You often find that unions have insurance policies that can cover you against legal problems to do with work, and even personal problems to do with consumer problems.