How to Detox your Finances

CeleryHaving overindulged and overspent over the Christmas period the New Year is a great time to make a fresh start. We look at how to slim-down your insurance bills, make some serious savings and get financially fitter.

Get in Shape: New Year is a great motivator to wave goodbye to bad habits. Quit smoking and after 12 months you could see your life insurance premiums fall by as much as 60%. Lose a few pounds to get your Body Mass Index down and you could see pounds drop-off your life insurance bill. And of course there are numerous other benefits of living a healthy lifestyle.

Plan Ahead: If you are planning more than one overseas trip in the coming year then you can save with an annual multi-trip travel insurance policy. Not only will you save money, but you’ll also save time and effort arranging cover every time you jet-off.

Reduce Risk: As a rule of thumb lower risk means lower premiums and investing in basic security can pay rich dividends. To cut home insurance bills fit robust door and window locks, invest in a smoke alarm and a burglar alarm, and consider joining a Neighbourhood Watch scheme. To cut car insurance bills fit a vehicle immobiliser and consider a tracking system.

Be Accurate: Nobody likes filling-in forms, but take the time to get it right and you won’t pay an extra penny for cover that you don’t need. Go room to room totting-up the value of your household contents and don’t just plump for a ballpark figure, similarly get an accurate figure for rebuild costs from your homebuyer’s survey. When it comes to car insurance carefully calculate your annual mileage and don’t overestimate the value of your vehicle.

Policy Particulars: Calculating premiums is all about calculating risk and you can cut costs by shouldering an increased share of risk. Car insurance premiums can be reduced by choosing a lower level of cover (Third Party rather than Fully Comprehensive) or a higher level of voluntary excess. There are pros and cons to both approaches and if you are unsure please get in touch with a member of our team on Tel: 0161 874 8000.

Get Online: If you’re reading this then you’re already in the right place! Online insurance providers have considerably lower overheads than high-street providers (including banks and building societies) and are able to pass savings onto their customers.

Shop Around: It’s a well-worn phrase, but it really does pay to shop around. Don’t assume that your current renewal premium is the cheapest option; the chances are there are better deals out there… if you can find them. As an independent broker we know exactly where to look and can help you find the right cover at the right price.

Make Friends: We’ve got bags of money saving ideas, so stay in touch with us via Google+ or Facebook and you’ll get savvy insurance advice delivered straight to your desktop

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