The insurance products you should never buy

Customers are flogged poor-value cover when buying essentials, such as home or motor insurance, or even when purchasing concert or travel tickets.

In most cases people are not able to fully assess the product's offer or whether it's a good price, according to the Financial Conduct Authority (FCA).

The watchdog is now looking at a number of ways to make the market work better for us - including a proposed ban on pre-ticked boxes that automatically add an insurance product to a customer sale.

Here are the insurance products that you should be wary of.

Travel insurance as an add-on

When buying plane, train or holiday tickets, many people are offered travel insurance for an additional cost- but it rarely offers value for money.

While it's undoubtedly a good idea to have travel cover in place for holidays, a better value product can usually be found when bought separately.

If you take more than one trip abroad a year, it's often worth buying an annual policy - and then you only have to worry about the cover once a year.

It's also worth checking that you don't already have any free cover already in place through bank accounts.

Mobile phone insurance

People who are splashing out on a new mobile phone are a prime target for insurance add-ons.

A sales advisor will no doubt reason that you should protect your valuable purchase after spending all that money.

But don't feel pressured into buying on the spot.

There are a number of mobile phone insurance policies, which can easily be found through a quick search online.

You should also check that it is not already covered as part of your home insurance.

Life insurance with your mortgage

Buying a home is one of the biggest financial commitments that most of us will ever make.

It's a good time to think about life insurance, critical illness cover or income protection, which can pay out to cover repayments in the event of death, illness or if you can't work

But don't automatically take the products offered by your lender and instead take the time to research the different products and how they work.

More people automatically buy critical illness cover from their lender when actually they'd be better covered by income protection for around the same price.

Breakdown cover with you car insurance

When buying car cover, customer are offered an array of optional add-ons from breakdown cover to legal expenses.

Often the added benefits sounds like a good idea.

Yet, it's difficult to really make an informed decision without looking at the cover and cost of similar products.

As a result, it's usually worth turning down all add-ons at the point of sale, and taking the time to decide whether they are really worth the cost.

You can always add-on products at a later time if you change your mind.

For instance, for many drivers breakdown cover is a good idea but there are a number of providers out there all offering varying levels of cover and value - so it's worth getting a few quotes rather than accepting the first offer you receive.

Key cover with your home insurance

Some insurnace add-ons, such as replacement key cover, sound like a handy benefit.

But in the event, it may be easier to simply take the hit, points out Kevin Pratt, insurance expert at MoneySuperMarket.com.

He said:"It may not cost too much to replace keys yourself and may be quicker to replace rather than claiming through your insurance."

Remember that if you claim on your home or car insurance policy, it will push up your premium in years to come.

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