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Premiums on motor, home, pet and health insurances are all on the up due to a change in Insurance Premium Tax, so now’s a good time to make sure you’re only paying for cover you really need
MONEY WELL SPENT
CONTENTS From smashing a family heirloom to flooding the kitchen, contents insurance will usually pay out. Check your policy wording, as some will even include
bliclyclle or laptop) when they’re outside your home. Don’t always go for the cheapest option – make sure you have enough cover, and pay your premium annually (the average is £138 according to Money Advice Service).
TRAVEL Everyone should have travel insurance, even when buying a holiday in the UK. You can insure trips individually or take out annual cover; it’s worth checking out the cost of both, especially if you need extra cover for specialist sports. Multi-trip insurance starts from £12 a year for Europe, but if you only take one trip a year, individual insurance can cost under £10 for a week.
GH TIP: Some packaged bank accounts also include travel cover. Check yours. PET Only a quarter of the UK's 16.5 million pets are insured, according to Animal Friends Insurance. It’s essential for rare breeds and exotic animals, but worth considering for any pet. The average cost of pet insurance is £366 a year, and the average claim is around £700, but claims can run into thousands if your pet has an ongoing condition needing treatment.
GH TIP: Beware of policies where you pay a share of the claim rather than a fixed limit. If your pet gets seriously ill, this could get expensive.
CONSIDER CAREFULLY
MOBILE PHONE Small print can make it tricky to claim. Most insurers don’t cover loss or theft unless you pay extra, and even if you have paid, you're expected to take reasonable care with your phone. Compare deals and don’t just pick the plan that’s bundled with your network provider – this can ble
GHI TIP: If your handset is worth a great deal or you have a phone contract, insurance may be worthwhile – if you break or lose your handset, you'll have to purchase a new one AND keep paying the remainder of your contract.
LIFE It costs an average of £240 a year (for a non-smoker), according to Legal & General, to know your family will have the cash they need if you die suddenly. Some existing medical conditions are harder to insure, but be honest about your health and always shop around. If you have no dependents, however, you don’t necessarily need this cover.
GH TIP: Check if your employer provides life insurance as part of your benefits before you take out a policy.
KEEP HOLD OF YOUR CASH
SKY PLUS Insuring your Sky TV subscription costs from £107.88, on average, with Sky Protect, and it's probably unnecessary. As you're leasing your box, it is Sky’s responsibility to fix it if something goes wrong. If any set-top box (for example, Sky, BT, or Virgin Media) is accidentally damaged, this should be covered by your contents insurance.