8.2.6 Reviewing your insurance

Work through a financial planning process for your general insurance needs and decide on an insurance plan for you and your household. If this seems too big a task, concentrate on just one area of insurance – maybe home or travel insurance.

Try to be precise. For instance, be as specific as you can in terms of the amount of cover needed, and what excess you will accept.

When you’ve made the plan, obtain the information you’ll need to act on it by asking for quotes for insurance products from different companies. You may want to use the telephone or internet for this.

Now look at your current insurance in the area(s) you’ve selected:

• Do you find that you can make any savings over current insurance costs?
• Have you checked that you haven’t got double insurance for any particular risks?
• Can you revisit your budgeting process in the light of any savings you identify?

Figure 9