The Guardian newspaper has identified tips on keeping insurance costs down.
Some of their recommendations include cancelling mobile phone insurance, looking for alternative quotes on car and home insurance, instead of simply accepting renewal quotes and also to check and see whether travel and students’ possessions while at university are already covered somewhere else.
The Guardian reports that most mobile phone insurance doesn’t cover airtime abuse and that a claim for a lost phone can be made under home contents cover . Also, private medical and home insurance policies can cover treatment and personal belongings while abroad. In addition, the report says students can add their possessions to their parents’ home insurance cover rather than take out a new policy.
The newspaper is also advising consumers to claim back on payment protection insurance (PPI), which it claims is “overpriced and oversold”.
The Competition Commission recently published a report that found that apparently consumers have been overcharged by over £1.4 billion a year for PPI.