insurance: how much do you pay?

racing_blue

I don't like paying insurance companies (although like Warren Buffet, I'm happy to own them!). Would much rather build a pot of savings and underwrite the risk myself. So we tend to go for basic policies, when our hands are forced by law or by an unmitigatable risk, and opt for large excesses. I added up our household insurance costs for 1 year:

1. House buildings insurance (rebuild cost £400k): £208
2. House contents insurance (value insured £30k) : £129
3. Car 1 comprehensive insurance: (4 years old, value £6k) £217
4. Car 2 3rd party insurance: (driver has been naughty in the past) £380
5. Life insurance, joint, policy pays £250k in event of death of either partner: £216
6. Travel insurance family all world multi-trip: £49
Total £989 - and I hate that! Wondering how this compares with other people?

racing_blue

actually the total is nearer £1200 isn't it? Hate that even more

dacouch

You have a low contents sum insured

racing_blue

most of our stuff is carp though

dacouch

You need to insure for the full NEW cost of replacing your entire contents, you will be surprised if you add it all up.

If you under insure the Insurer can reduce the amount of your claim by the percentage you have under insured by, some will not pay the claim and void the policy if the difference is over a certain amount

racing_blue

I'm tempted just to dispense with contents insurance altogether. I have NEVER made a claim on contents insurance, and simply see it as a necessary but lamentable hedge against our house burning down. Anything broken or stolen I guess we would cover from savings?

mikey72

House, motorhome, 5 cars, and the AA, £1350

racing_blue

mikey... 5 cars???? Who is your insurer? I'd like a 3rd car, would make life more convenient in a number of ways. But assumed the insurance would be a no no

weighty1_2

Where is your income protection insurance premiums within this?!

racing_blue

glad you asked weighty1

No income protection. No critical illness. If I lose my job or get critically ill, I'll adjust lifestyle and expenditure. Have sufficient savings to cover the adjustment period.

Tempted to cut the life insurance for the same reason (or at least make it single life as I'm not sure my partner would be quite so parsimonius if I died)

Got to insure cars by law. Would like cheapest 3rd party only. Strangely fully comp appears cheaper for our newer car.

Got to insure the bricks and slates as a condition of mortgage.

Could probably almost halve insurance bill? What do other people do? Anyone else such a tightwad as me?

mikey72

racing_blue wrote: »

mikey... 5 cars???? Who is your insurer? I'd like a 3rd car, would make life more convenient in a number of ways. But assumed the insurance would be a no no

One is my wifes, the van originally had my car ncd transferred onto it as my main vehicle, then I switched back to a car, and transferred the policy back and got a mirrored ncd on the van, and have since built a real ncd on it, another is my daughters, 1 year ncd, and then a classic policy and a kit car policy.
Apart from the van, I switch insurers every year.