Tips for being smart with your insurance by Laura Ann Moore

We've asked Laura Ann Moore, a Money Mindset Expert and Financial Wellbeing coach and speaker, to give her top tips on being smart with insurance.

No one likes to think about the possibility of anything going wrong. 

But insurance is there so that we don’t have to worry… It is the peace of mind that helps you sleep better at night. 

It is the ultimate protection for the bad and uncontrollable things that go wrong. 

And if we are honest with ourselves, it can be overwhelming to have to find, pick, and commit to spending your money on something that you don’t know too much about. 

So in the name of learning how to ‘adult’ and making sure you get the right insurance for your needs, here are my top tips when it comes to getting insurance… 

1. Tell the full truth on your application

When getting a new policy, it might seem like not a big deal to over-inflate your income or down-play previous issues, but it will come back to negatively impact you.

If you think bending the truth about your situation will get you a discount, you need to ask yourself, is saving a little bit of money on this policy even worth the consequences of the lie? 

The answer is always no. You run the risk of your policy being deemed redundant and no longer being valid at the point you need to use it. Be aware of answering the questions asked clearly and accurately. 

2. Have you shopped around to look for the best deal?

Whilst cheaper does not always mean better, it is always a good idea to look for discounts. 

Shop around on comparison websites and look at different providers to compare costs for similar policies. You never know what you might find! 

BUT be smart and also look at company reviews. 

3. Check out the reviews of the company you plan to take out insurance with. 

Hearing the experiences from real-life people who have dealt with these companies can be invaluable. 

They may have a great, affordable deal, but what can you expect from their customer service? How quickly do they handle queries? How do people rate them?

Because remember sometimes you do get what you pay for. Think back to a time when you have a problem, you get on the phone with your service provider and  you waste hours of your life sorting out a complicated problem and your first thought is “I wish I had just paid more to go with a better company…”

4. Don’t be afraid to ask questions 

Make sure you know what you need from this policy but also what you are being offered. 

We are all guilty of skim-reading a terms and conditions document… but if you don't know what you are signing up for, it could cause issues for you later down the line. 

Take your time to understand what your policy does, (and more importantly DOESN'T include).
Call up and speak to someone on the phone and ask as many questions as you need. 

A good company will happily spend time with you on the phone explaining how it works. 

Hopefully, these tips will help you to be smart when it comes to picking your insurance! 

Reframe your view on spending this money; no one wants to spend money on a ‘might-happen’ scenario UNTIL the day something goes wrong. Be proactive, do your research, and happy insurance-ing