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Tips for Reviewing your Insurance Policies

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Tips for Reviewing your Insurance Policies

Life is constantly changing, so it’s important that your insurance policies change as well. It’s good practice to review all of your insurance policies on a regular basis to make sure you have the right cover at the best price.

You might think that an insurance review is a time consuming endeavour. However, reviewing your options with insurance providers can help you to make sure that your level of cover is appropriate, and is well-worth the time spent.

If you’re unsure how to review your insurance policies, here are some simply smarter tips to ensure your limits are meeting your current needs.

Car Insurance

There are a number of valid reasons why your car insurance policy should be frequently reviewed.

First off, as you go through life, your driving habits are going to change. If you have a great driving record, you can consider raising your excess. This can lower your premium substantially.

As you get older and your financial situation improves, you’ll need to review your policy to make sure you have the right cover you need to protect your car.

Price is a very important factor when buying an insurance policy. Some companies provide a great discount if the policy is bought online. Budget Direct is currently offering a 25%^ discount on their Gold comprehensive car insurance policy when bought online.

Another good reason to review your car insurance regularly is that insurance companies change. Even with a good driving record, depending on the company, your insurance premiums can increase a little or a lot each year. Ignoring steady rate increases because changing car insurance seems like too much work can leave you paying way more than you should.

The car insurance industry is very competitive, and shopping around for the best cover and rates can save you a substantial amount of money.

Home and Contents Insurance

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When you first bought your home, you insured it for a certain amount based on its replacement value at the time of purchase. As time passes, your home may cost substantially more to rebuild. To cover this gap, you can increase your home insurance. By reviewing your home insurance every year or after adding any extra features to your place, completing a renovation or doing upgrades, your home is more likely to be covered for its current value.

At Budget Direct, we provide some smarter benefits such as automatic sum insured adjustments at renewal which can help in reducing the risk of under insurance.

When reviewing your home insurance, don’t forget the little things that make it a home. With time, you’re more than likely to update your furniture, gadgets and appliances. To make sure these are covered too, look into a policy that covers your contents as well.

At Budget Direct, you can also buy some smart features with your policy such as personal effects cover which covers personal items you usually take with you when leaving your home. You can also buy motor burnout cover which covers replacing the electrical motors burnt by a power surge. Another smart option is to buy accidental damage cover, which covers loss or damage to your home and/or contents if they do happen.
When you are reviewing your insurance, you want to make sure that you are getting a great price as well. Some companies offer a great discount when you buy a combined home and contents insurance policy online. At Budget Direct, you can get a massive 35%~ off on your smart Home and Contents Insurance when you buy online.

Life Insurance

When you purchased your life insurance, you probably tucked the policy safely away in a drawer and forgot about it. But life moves on, and there will be occasions when you’ll want to dust off that policy and re-evaluate your cover.

For example, when you purchase your family home or an investment property, you may want to ensure you have sufficient life insurance to cover the mortgage should something happen to you.

As your net worth increases, you may not need as much insurance as when you had limited assets for the family to rely on in the event of your death.

If you were a smoker when you first bought life insurance, but have since quit, you could save substantially on premiums as a “non-smoker.”

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Financially speaking, you should conduct an annual review to make sure you’re not paying more than you need to for cover. The life insurance industry has grown increasingly competitive. By shopping around you may be able to get all the cover you need from an even better provider while paying less.

Health Insurance

Many people buy health insurance and then never get around to reviewing their cover. As life progresses, our health care needs change. It’s important to have a good look at your needs at least every year to make sure your cover is best suited to your requirements.

New products and features are also routinely introduced to the market, and these may be better than your existing cover. You should also check and compare what is covered in your existing policy and what items are the excluded. Finally, it’s worth calculating how much you have used your extras in the past year and compare it with the price of the policy.

Life’s uncertainties make insurance a necessity. Conducting regular reviews of all of your policies, especially those listed above will help bring you greater peace of mind in knowing that you have the cover you need to protect your loved ones and your assets from life’s many uncertainties.

 

^ Discount applies to the premium paid for a new Budget Direct Gold Comprehensive motor vehicle insurance policy initiated online on or after 31 December 2014. We reserve the right to change the offer without notice. Base rate premiums subject to change. It does not apply to any renewal offer of insurance.

~ Discount offer applies to the premium paid for a new Budget Direct combined Smart Home & Contents insurance policy initiated online on or after 31 December 2014. We reserve the right to change the offer without notice. Base rate premiums subject to change. It does not apply to any renewal offer of insurance.