Insurance policy costs

j3nks05

I have various insurance policies and have had a shock that they are costing me not far off £200 a month !

Im just wondering what you think, Is this a normal amount to be spending on policies ?

I've listed them below with their monthly payment

My car £46
Hubby car £28
Breakdown £10
Pet £16
Washing machine /fridge £12
Life me £5
Life hubby £46 (he's diabetic)
Life joint £20
Hubby insulin pump £7

No house insurance at the moment as we are renting for a few months and It's included in the rent (but my last buildings contents policy was £16p/m)

Thanks for you thoughts in advance

InsideInsurance

Are you sure your contents insurance is included in your rent? It would be highly unusual, normally the Landlord has Landlord insurance that covers the building and their contents but not yours.

Its almost impossible to cross compare insurance costs as no 2 people are identical with identical needs

Car 1 . . . . . . . . 56
Car 2 . . . . . . . . 50
Home . . . . . . . .19
Breakdown . . . . .free (bank)
Travel . . . . . . . .free (bank)
Warranties . . . . .free (bank)
Business (PI/PL) . 42
Life (me) . . . . . . 21
PHI (me) . . . . . . 120
PMI (family) . . . . 160

Total monthly of £468

Wife only just passed her driving test hence pushing up car 2 premium. Car 1 is a fairly expensive new vehicle hence high premiums.

I have pre-existing medical conditions which pushes up life and PHI (mainly PHI). I have to have business insurance and as I dont get paid if I dont work I have top end PMI (plus have made 2 claims on it over the years)

j3nks05

Thanks for your reply,
We are renting from a relative while we look for house to buy so contents insurance was included for us

I don't feel so bad seeing your costs !
Thanks again

InsideInsurance

Unless you have been named on their policy then your contents is unlikely to be covered. Likewise when you buy your own again you wont be able to declare having held home insurance which will push your premiums up.

Worth double checking so you arent caught short

j3nks05

Yes we have been named on their policy, we had our own policies just before the end of the year when we sold our house

InsideInsurance

j3nks05 wrote: »

I don't feel so bad seeing your costs !

As I say, it all comes down to personal circumstances. If I did my job as an employee I wouldnt need PHI, PMI, Life or Business etc as these would be a standard benefit for a manager in a multinational company. Take these off and I pay £125 a month in insurance. As a self employed person the rates I charge my clients reflect the fact I have to buy these myself rather than getting on top of my salary.

Some would say that I only need the belts and braces PMI for myself as my wife being ill whilst undesirable wouldnt stop earnings coming in and so she can wait for NHS treatment.

Even in my situation some may say that they dont need the life cover because when they die its their wife's own fault that they;ve decided to be a student and so she should stop and go back to work. Without wanting to open a can of worms on the legalities of it a friend who is in similar situation has their son as the beneficiary of his life cover and not his wife, likewise the house is only in trust for the kid until their 18th birthday when it then passes to the kid not the wife. He thinks his wife will make "another" bad choice of partner and doesnt want some other guy benefiting from his hard work.

dacouch

j3nks05 wrote: »

Thanks for your reply,
We are renting from a relative while we look for house to buy so contents insurance was included for us

I don't feel so bad seeing your costs !
Thanks again

I would be very surprised if a policy your relative has arranged in their name would cover your contents even if you're named on their policy.

If you're named on their policy I doubt the Insurers know the actual circumstances eg you're renting from them.