What insurances can you reduce to save money?
The problem about the insurance market is the fact that each type of insurance is there for a reason even if it is not compulsory. However, when people are short of money, as many are in this current financial crisis, it can be very easy to either cancel or reduce all kinds of insurance cover from the car to your home, from the pet to your healthcare. But there are risks involved and sometimes it can be a false economy.
Imagine that you cut your car insurance down to the bare bones and were in some kind of accident whereby your car was written off but you were not covered for this. While you could have saved a few hundred pounds a year by cutting or amending your car insurance you would be left with no vehicle, probably no money to buy a new one which could in turn affect your ability to work and family life.
What you have saved on the insurance would be totally irrelevant in such a situation as mentioned above and you would actually end up worse off than before. Do not forget that insurance is there for a purpose and each one you took out you took out for a reason. The risks are there for all to see...
Share this..
Related stories
UK Unemployment hits 2.56 million
The amount of people unemployed in the UK rose by 70,000 between December and February according to the Office for National Statistics (ONS). The number of people employed in the UK also fell, meaning the unemployment rate currently stands at 7.9pc, raising further serious questions about the economic state of the UK. However the number of people claiming Jobseekers Allowance fell last month by...
Read MoreTesco staff share record payout from company share scheme
It is believed that more than 55,000 Tesco workers will be sharing a £144.4 million windfall as two of the company's employee share schemes reach maturity. In simple terms, every pound invested has now doubled in value due to the strength of the Tesco share price over the last five years. It is understood that approaching 10,000 employees saved the maximum £50 a month over the last five years un...
Read MoreBritish Gas five-year price freeze comes to an end
Around 460,000 British Gas customers who signed up for a price freeze deal in 2005 are about to see the deal come to an end and a significant increase in the cost of their gas. The deal saw the 460,000 customers in question pay £820 for their gas which is around £370 less than the average bill today - which is £1,194. As a consequence, there are many people who will receive an unwelcome surpris...
Read MoreInflation rate 'fell in November'
The new Consumer Price Index (CPI) for November has been released, showing a drop in the inflation rate for the second month running.According to the index - the government's preferred measure of inflation - annual price rises stood at 4.1 per cent last month.This is down from October's 4.5 per cent and September's 5.2 per cent, which was itself a 16-year high.Governor of the Bank of England Mervy...
Read More