Posted on October 19, 2017 at 12:30 pm by BeeMyMinder
How to take charge of your insurance policies
Whether you’re streamlining your policy storage or managing your insurance reminders, huge piles of paperwork can quickly overwhelm even the most organised individual.
That’s why this month we’ve created a list of our top tips for taking charge of your insurance policies, each designed to help you cut your admin time and increase your potential yearly savings.
Set time aside each month
Any financial expert will tell you the first step to taking control of your bills is to set aside time each month to work through everything that’s outstanding.
Regardless of whether this could be once a day, once a week or once a month, you need to make sure you’re not disturbed during this quiet time.
Distractions can lead to mistakes, and a mistake can lead to a missed payment or a costly automatic policy renewal.
Setting this time aside also gives you the chance to review your current policies, and compare the market to see whether you can find a better deal.
Remember, if you’re comparing the market; make sure you read the T&C’s of each policy in full before signing up to the cheapest package. Some do have exclusions or specific items they won’t cover.
Cut down on unnecessary paperwork
Cutting down on unnecessary paperwork isn’t just great for the environment; it’s great for your policy storage too.
Too often, households hold onto years worth of expired policies or renewal letters “just in case” they need them in the future.
Instead of holding onto these pieces of paper, why don’t you digitise them? These electronic versions can be stored on either on local PC, laptop, or they could be safely secured online (backed up and sharable)
Set up insurance renewal reminders
One of the most important ways you can take charge of your policies is to set multiple insurance renewal reminders.
Not only does this give you time to make sure you have the funds available, it also reminds you that it might be time to search for a better deal.
There are plenty of ways to set up these insurances renewal reminders; from simple calendar alerts on your smartphone to online policy storage tools. For example, BeeMyMinder sends SMS or email alerts to our users when their policy is due for renewal.
The added benefit of setting up an alert is that you can arrange it to be sent out a specific period before the policy is due to renew.
Utilise the available technology
Technology is always advancing in leaps and bounds, so why shouldn’t you embrace this to take charge of your insurance policies?
From mobile apps to online policy storage solutions, there’re so many easy ways for you to take back control over your finances.
Take BeeMyMinder; our members are able to upload unlimited policies and share accounts with others, ideal if they’re living with family or in shared accommodation.
Share the burden
Whether it’s a joint mortgage or household bills, it’s important that everyone who pays bills is aware of the outgoings of their household.
Whether they’re your wife to husband, partner to a roommate, being able to share key information is the best way to keep track of who’s paid for what, when it was paid or when it’s due.
BeeMyMinder allows you to share policies/bills with others to keep a record of current spend and give you all the ability to see where you can cut back to save money in the long run.
Ask for advice
When it comes to searching for a new insurance provider, you’ll find websites and forums filled with testimonials, reviews and complaints.
We’re not saying that you shouldn’t take note of what’s previously been written, but why not ask your friends and family for their own experiences first.
They’re more likely to give you an unbiased, practical view on the insurance company in question.
If they’ve had a bad experience in loan sharks who offer 1000 loan no guarantor, ask about what made them change. You might not like your current insurance provider, but there’s nothing worse than jumping out of the frying pan into the fire.
BeeMyMinder hopes to provide the opportunity for users to use an independent advisor to provide options for renewal.
So there we have it, our top ways to take charge of your insurance policies. What do you think? Are there any ways you stay organised and on top of your bills?
We’d love to hear your thoughts, so let us know in the comments below. Alternatively, you can find us on Twitter or Facebook.
Remember, BeeMyMinder has recently been through a complete upgrade, with newly enhanced, money-saving packages. For only £2.99 a month, you could take charge of your finances thanks to our online policy management system.