Getting the most out of your insurance - The Brendan O'Connor Show

Image audioGetting the most out of your insurance - The Brendan O'Connor Show

As the cost of living crisis continues to increase many people are looking at their insurance policies to see what they can cut back on. In light of this, Daragh Cassidy, Head of Communications at discusses the benefits of shopping around when getting your health, home, car and travel insurance. 

Health insurance

Today’s modern policies cover a wide range of different procedures and ailments from the HPV vaccine, to sports injuries to gender reassignment. Therefore, you should look at your current policy to determine if you are paying for the cover you desire. 

Although, it can be quite daunting to get health insurance as there are so many policies out there. I would advise you to sit down with a health insurance advisor who will go through all the policies for you and find the cover that best suits your needs. 

This may cost €100-250 but it is worth it to ensure you get the right cover. 

I would also encourage people to get their health insurance when they are young, and not wait until they are 40 or 50. 

In order to avoid being subjected to a loading charge, you should get your health insurance before you turn 34. If you don’t then you will get 2% added to your premium each year. 

If you wait until you are 40 to get your first policy, then you will be paying an extra 10% on loading charges on your policy. 

Travel insurance 

Depending on where you are going abroad and what type of holiday you are going on it may not be necessary to get travel insurance. 

For instance, if you are staying in Europe and have a European health insurance card you are entitled to the same cover a resident of that European country is entitled to. 

You can apply for this card online or go to your local health office to apply for one. 

On the other hand, if you are going away on a ski holiday or if you are going to Canada or America where hospital costs are expensive then you should get travel insurance. 

If you decide to get travel insurance, check the terms and conditions of the cover so you are aware of what you are and aren’t protected from. 

Do I need gadget insurance?

If you want to insure your gadgets, first you need to check if gadget insurance is already covered by your home insurance

If not then I would recommend adding gadget insurance to your home insurance policy rather than taking out a separate policy as this is better and cheaper to do. 

Shop around for home insurance

My advice, especially for first-time buyers, is to shop around for your home insurance policy. 

Oftentimes, when people are buying their house, they tend to get their policy with their bank as it is easier, however, this means you could be missing out on potential savings. 

You will find better deals and potentially better cover if you shop around. You should also do this for car insurance. 

Car insurance

If you tend to always opt for comprehensive car insurance - the most expensive and extensive cover for your car - you need to ask yourself if you actually need it. 

For instance, if you are driving a 16-year-old car, it may not bother you if it has a few knocks and scrapes on it. If this is the case then third-party, fire and theft could be the right policy for you.

On the other hand, if you just purchased a new car then it would be better to invest in comprehensive cover.

What can affect the cost of your car insurance

Thankfully, insurance companies are no longer allowed to discriminate on gender, meaning men and women are charged the same amount. 

However, there are many factors that can influence the cost of your insurance such as: 

  • Your age - the younger you are the higher your premium
  • Your job - if it is deemed risky by insurers or involves you driving a lot your policy will be more expensive. For instance, landscape gardeners, couriers and waiters receive higher premiums than office workers.

Luckily, there are ways to lower your insurance, such as installing a box in your car. This will track your speed and show your insurer whether or not you are a safe driver. 

Get the best value insurance on

Whether it is health, home, mortgage protection, car, serious illness cover or life insurance, on we offer a range of services to help you find the best cover to suit your needs at the right cost. 

If you’re serious about lowering your household expenses, our free comparison tools will help you find the best energy, broadband and banking deals on the market.

Check out our insurance guides

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