Car and Home Insurance Northern Ireland
Add up what you pay in insurance premiums each year: medical, auto, homeowner's, life, and so on. Makes you wince, doesn't it? Here are some ideas about how to reduce your insurance costs.
Don't skimp on insurance. This probably doesn't sound like a way to save money. But keep in mind the purpose of insurance is to transfer to an insurance company the financial risk you can't afford to carry yourself. Without formal insurance, you are de facto self-insuring - meaning you'll pay out of your own pocket in the event of a financial disaster such as loss of a home or a serious illness.
For example, many renters don't own renter's insurance, which covers the loss of their personal property (no, the landlord's insurance doesn't cover it). Renter's insurance is very affordable, yet how many times do you read about people who lose everything in an apartment fire and have no insurance?
Buy the insurance you need. Carefully review your insurance needs with your financial adviser. Car, medical and home insurance are probably obvious.
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But do you have disability insurance in case you lose income due to an illness or injury? Many financial planners recommend clients buy long-term care insurance no later than their late 50s or early 60s to cover the high cost of potential long-term care. Do you have liability coverage beyond standard auto and home insurance in the event you are sued?
Watch out for gaps. People with multiple properties in multiple states, for example, often use multiple insurance agents for their property and casualty coverage, and can easily end up with expensive duplicated coverage - or worse, no coverage at all for some property because it was overlooked or because a policy expired. You may need
About the Author
George McGonigal
Northern Ireland Insurance Centre
George is webmaster of an online insurance resource for Northern Ireland motorists and homeowners. We bring under one roof insurers who cover Northern Ireland that can offer online quotations to allow our visitors to compare rates in the comfort of their own homes.
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