Have you set your new year’s resolutions yet or have made plans to sort out some paperwork in the new year? January is an important time to get on top of some well needed life administration. Now what we mean by this is ensuring that you’re covered and protected against those life events. It’s reported that one in four breadwinners do not have life insurance meaning 8.5 million adults with dependents do not have life cover in place. This a just one of many important insurance policies that should be considered especially if you’re a homeowner with a family. We have written a blog on how to identify what cover you should have and how to get set for the year ahead. Follow the steps below to ensure you have done your bit to protect you, your family and possessions.
Make a checklist
A good place to start with any admin tasks is to produce a checklist and identify what cover you need. Follow these steps below to identify what you can be doing to ensure you are covered for the year ahead.
1. Find out when your insurance is up for renewal
If you own a house or a car, you’re likely to have insurance in place to protect them. Sometimes it’s hard to remember when you last renewed your insurance, as it’s not something that we often think about. A way to find out when your renewal date is, is finding your policy documents. Most insurers either send these in the post or provide access to them online through a portal. Alternatively, you may be able to call your insurer to find out. Jot all the dates down for your insurance or put a reminder in your phone so you know when they are due for renewal. You’ll most likely receive a letter or email from your insurer letting you know when it’s due, but if you know well in advance it gives you opportunity to plan ahead financially.
2. Insurance cross over
Now you’ve listed all of your insurance products, you’ll be able to see what’s covered and what’s not. You may find that you purchased insurance for your laptop or television when they may be covered under your home insurance too! With items in your home, it’s worth checking if they are already insured under your home and contents policy as you might not need to pay for extra cover. An easy to way to see what your home insurance covers is to look at your policy cover details in the policy documents.
What cover do you need to get?
Now you’ve established what you are covered for you, is there anything that’s missing? Follow our list below to ensure you are covered for the things you need in life.
Protect your loved ones
Is life insurance something that you’ve got in place or have considered. Here at Budget Insurance we cannot express how important it is for parents, married couples and mortgage owners to ensure they have a life Insurance policy.
What is Life Insurance?
Life Insurance is a contract in place between you and an insurer. If you were to pass away, a sum of money would be paid to your family. Normally you would be asked to select the length of your policy and if you were to pass away during that period, your family would be able to make a claim.
There are two different types of life insurance that are available to purchase, Level term and Decreasing term.
Is a fixed amount of cover for the length of the policy. The amount of cover is agreed at the start of the plan and won’t change. Usually your premium will remain the same too.
Decreasing term (Mortgage term)
Is cover that reduces over time, usually in line with a repayment mortgage.
How old do I have to be to buy Life Insurance?
18 is the minimum age to purchase Life Insurance but is it the right age or the right time? We recommend that you consider purchasing life insurance if you have dependants, a partner that relies on your income or a family living in a house that you pay for with a mortgage.
For more information on life insurance, please click here.
Protect your home
Our homes are our place to rest and enjoy family time so everything should be done to take care of them. It doesn’t matter about the size, location or age of your home, everyone’s home is important to them.
Your buildings and contents
Do you know what the difference is between buildings insurance and contents insurance? Buildings insurance covers your home’s buildings and outbuildings and contents insurance covers contents within your home that you declare. It is important to consider having both aspects of your home covered in the unlikely event of needing to claim. Could you imagine having to spend thousands on damage caused to your property by a flood or having to fork out for a new TV because yours has been stolen? These are things we don’t normal expect to happen but with our current climate, nothing is certain so it’s best to get covered.
If you would like a quote for your home insurance please call us on 0344 871 0759. Our opening hours are Monday to Friday 8am-9pm; Saturday 9am-5pm and Sunday 10am-4pm. Alternatively you can get a quote online by visiting our website.
Protect your vehicle
We rely on our cars more than ever these days, whether it’s taking the children to school, getting to work or going out for the day. Ensuring our cars are protected against accidents, malicious damage, theft and other events is important. If you own a car or van you are likely to have insurance, even if it’s basic cover. There are three different types of cover available with most insurers, Comprehensive, Third party fire and theft and Third party only. Here is what the all mean…
This is usually the highest level of cover you can chose and it will cover your car for damage and theft and will cover a third party’s car.
Third party fire and theft
Cover for the third party’s vehicle in the event of an accident and will cover your car for fire damage or if its stolen.
Third party only
Cover for the third party’s vehicle only.
When choosing which cover is right for you, consider how much your car is worth to you. Have you got a fairly new car, that is worth a lot? Would you be able to afford to have it repaired or replaced if it was damaged or stolen? If so, comprehensive may be the option for you.
Do you travel long distances?
If you find yourself doing long distance driving on a regular basis you may want to consider getting cover in case something goes wrong with your car. Breakdown Assistance is additional product that you purchase alongside some insurance policies. With different levels of assistance available, you can choose the type of cover that is right for you. For more information about our Breakdown Assistance, please click here.
Do you have access to another vehicle?
If you have a family car that you use for work have you ever thought about what you would do if you were unable to use it following an accident? Not having access to a car can be frustrating and it can cause disruption to your daily routine. Some insurers offer a guaranteed replacement vehicle which can be added to your policy. This can take away the stress as you’ll be provided with a vehicle while yours is being repaired.
Are you self-employed?
We know how important your tools are to you, especially if you work for yourself and rely on them to complete a job. Have you ever considered what you would do if something happened to your tools or contents of your van? Would you be able to afford to replace them with new one’s if they were stolen or damaged? Here at Budget Insurance we offer a Tools and Van Contents Cover product to protect your tools and contents against theft and damage. We offer different levels from £1,000 to £5,000 worth of cover to suit you and making a claim under your Tools and Van Contents Cover will not affect your van insurance no claims discount. If you’re unsure as to why you might need this, have a read of our blog on ‘Van safety’ where we highlight the importance of keeping your van and its contents protected.
If you would like a car insurance quote you can give us a call on 0344 871 0099. Our opening hours are Monday to Friday 8am-9pm; Saturday 9am-5pm and Sunday 10am-4pm. Alternatively you can get a quote online by visiting our website.