There are many vehicle policies, home policies, life policies, and medical policies to choose from. Some cost more than others, but one thing is for sure, you pay for what you get. There is no point in paying for unwanted or unused coverage. This is why you should reevaluate these policies on a regular base.
1. Car insurance
It’s always a good idea to review your car insurance policies on a yearly basis. Make sure the amount your car is insured for matches the reduction in value. There may come a point when it makes financial sense to swap to third party fire and theft cover or 3rd party cover only.
It’s important to make sure your house insurance is re-evaluated to ensure you have sufficient coverage to rebuild your home in the event of a loss from an insured event. You’ll need to talk to your insurance agent to make sure you’re not paying more than you should.
While this coverage is pretty cut and dry you may find checking with your adviser about discounts or ways to lower your premiums. You’ll want to make sure your policy is giving you everything you want and that you’re not paying for those things you don’t want. The best thing to do is sit down with your agent and ask about ways to match your cover to changing needs. Ask whether level premiums are worth considering.
Medical insurance provides a valuable way to ensure you can have surgery when and where you want. Medical inflation has an impact on the cost of cover. To make the cost of cover manageable, consider using excess to reduce the cost of cover. In addition, consider whether expensive add ons such as cover for doctor and dental visits are affordable.
Talk to your adviser about your coverage.
Insurance policies like the ones listed above are important and valuable to your family, but if you’re overpaying you’re wasting your money. It’s important to sit down with your agent and discuss your concerns and ask them to help you check your policies to see if there is anything you can do to lower your premiums or out of pocket money. When you take the time to reevaluate them each quarter or year you’ll find you won’t pay for things you don’t need or want.
I would be happy to give you a second opinion on your current coverage – no strings attached. Call me for a meeting.