Annually, consumers are in the grip of a cost-of-living crisis, with rocketing food, fuel and other basic aggressive price increases on monthly debt payments.
Annually, consumers are in the grip of a cost-of-living crisis, with rocketing food, fuel and other basic aggressive price increases on monthly debt payments. Incomes are stretched, however cancelling your insurance should not be the solution. While adjusting our lifestyles and demanding needs, reviewing our insurance policies should also be taken into account.
Many consumers often receive notification from their insurers, regarding the increase of their premiums the month before. For many, the thought of cancelling their insurance often crosses their minds, while others start looking for comparison costs or cheaper rates.
Unfortunately, we can’t run away from this one. Premiums increase annually, taking economic factors into account and they are also risk profile dependent. Consumers need to understand that insurance has become a financial priority and product necessity and no longer a grudge purchase.
Managing your insurance closely, whether it’s for your vehicle, house or business insurance, so you don’t claim unnecessarily, can be a challenging aspect. Only claim for significant things that are specific to your needs. You could also lose any discounts you qualify for in the in the future for being claim free.
You will be surprised at how much you can save by consolidating your insurance. Many insurers urge their customers to insure more than one type of insurance product. When you consolidate your insurance, you are likely to get a favourable premium price. For instance at Miway, should you insure one vehicle you qualify to get up to 10% discount on home contents insurance and should you insure one vehicle, you get up to 15% discount on building insurance.
