We can help in these turbulent times….

We are all aware that the rate of inflation has moved into a much more challenging phase and unfortunately this will be reflected in how much you will pay for your insurance. Here we offer some context behind the reasons for premium change.

However, we can work with you to ensure you make an informed choice about what cover you need and the impact on the premium you pay when the time comes.

Car Insurance

Yes premiums are going up for many people

The costs of repairs have increased significantly due to the availability of parts being in short supply which needs to be combined with the increase in costs of experienced labour.

The increased use of electrical cars which currently appear to experience twice the number of claims and double the amount of time to repair is on top of rising car part prices due to worldwide shortages

Buildings Insurance

As with car insurance, raw material prices are increasing, due to more challenging supply lines. This is a common theme.

Whether this be through our experienced team or not, it is important that when you renew your buildings insurance, you have an up-to-date realistic rebuilding cost. 

We have seen examples, where the building sum insured, hasn’t been reviewed accurately or recently and following a claim, there was a shortfall due to an inadequate level of cover.

Cyber Attacks

This is often a news item in the press, and we are all aware that this is a daily challenge.

The most common form of attack is criminals sending you documents or links that when opened put software onto your computer that then allows them to access your data and use it usually to extort money from you.

Many insurers have increased their premiums for cyber insurance cover to reflect the increase in this activity and this is in both the personal and business insurance areas.

Some insurers have changed the coverage they offer.

Cyber-attacks target all businesses large and small and will, if successful, seriously threaten your ability to continue functioning so if this is an area of concern for you either personally or commercially then please contact your account manager.

Underinsurance of Personal Possessions

Have you recently added up the value of your home contents if you had to replace them?

After the last few years, when we all spent much more time at home, many of us have invested in updating our technology, home comforts or even invested in gym equipment. 

It is very worthwhile reviewing the value of your contents and valuables to make sure that you have sufficient cover should you need to replace remembering that you will need to base the value on new prices generally.

In summary, all the points above can combine to result in increased costs at a time when there is similar pressure in all areas of our lives. Although it is easy to focus purely on costs, if you are ever in the unfortunate position where you have to make a claim by reviewing your levels of cover now and working with us where we can help, will hopefully reduce the time it takes for you to return to normal after the loss occurs.

If you would like to read about a situation that one of our clients went through please take a few minutes to read his experience here.

If you would like to read some of our client’s Google reviews please click here