Insurance Easter Eggs: surprising things affecting your premiums

Did you know these factors can change the cost of your policy?

If you’re a film or gaming fan, you may have come across an Easter Egg or two in your time. And no, we’re not just talking about Easter chocolates! Rather, hidden secrets and references within content for eagle-eyed fans.

In that spirit, we’ve decided to explore ‘insurance easter eggs’ AKA the little details or surprising things that can affect your premiums. After all, we’re all on the hunt for great value, especially in the current environment where costs are higher. So, let’s take a look at what could affect the price of your premiums.

Your postcode

When we’re choosing where to call home, an area’s general insurance profile isn’t really top of the list when you also need to consider your mortgage, work, schools and more! But insurers do tend to use postcode areas to determine risk factor on your home and motor policy.

For example, living in a built-up area could increase your chance of an accident, purely due probability, since there will be more vehicles on the road. If you live in an area with high crime rates, the added risk of motor vandalism or theft could be reflected in the cost of your premiums.

And it wouldn’t be the UK if the weather didn’t dampen things. Your postcode could see you placed within a flood-risk area, if you’re by the coast or a flood-prone river. But, these things can often benefit from a human approach, rather than just relying on maps and data. So it’s worth speaking to a flood insurance specialist who can consider your specific situation properly.

Vehicle modifications

If you’re a petrolhead and love working on your own car, then listen up! Modifications to the appearance or performance of your vehicle can impact the cost of your annual policy.

A modification is anything that has changed after the car entered the market, even if what you are adding is a factory option, if it was fitted after-market then this needs to be declared as it deviates from the original spec. Things such as expensive speakers or in-car entertainment systems are a huge draw for would-be thieves, and you could see this extra risk reflected in your insurance quote.

Not all mods, though, will mean a price hike. In fact, you could save money on your modified insurance by going to a specialist. Specialist insurers actively look to insure the enthusiast market and therefore build their products to suit this niche – whereas many standard insurers will target standard cars or even don’t have the facility to cover a modified vehicle at all. This is why you’ll notice a few stop quoting when you add your modifications on a comparison site quote.

If you go to the right places, to insurers who understand that it’s not a few accessories but it’s a project built with blood, sweat and tears, not only could you find a policy that’s not going to penalise you for tailoring your car but you will find much more available in terms of enthusiast specific cover.

The crucial thing to remember is that you need to declare all modifications to your insurance provider. This means that if you had to claim, you’ll avoid being underinsured or invalidating your policy and left to pay out of pocket yourself.

Security precautions

As we’ve discussed previously, vehicle theft has spiked in recent years, as the cost of new and second-hand cars boomed, and criminal gangs seek to profit from in-demand or specialist parts.

That’s why things affecting the security of your car can impact your premium. Where you park can impact the price, such as inside a locked garage versus on the street. But it isn’t always cut and dry, and thieves can still steal a vehicle from your driveway.

Extra precautions such as immobilisers, steering wheel locks, and RFID pouches can all contribute towards protecting your vehicle, either as a visual deterrent for criminals or preventing them from gaining access and driving away in your car. It’s really worth speaking to an insurance expert on this front, as they’ll be able to advise you on how this could impact your premium.

Timing

Hands up if you’re guilty of waiting until the week that – or even the day before – your policy comes to an end to renew? We all lead busy lives, and it can be easy to put off your renewal! But waiting until the last minute could actually see you paying more for your premium.

With your insurance, forward planning is key. Premium prices fluctuate, so to maximise your chance of finding a great deal, looking 3-4 weeks before your renewal date is ideal.

Tailoring your policy

We all lead varied lives, so one-size-fits-all shouldn’t really apply to your cover. Your home and vehicle policies should reflect your individual circumstances. You can absolutely find a policy that works for you, your lifestyle and your budget. There is a misconception that personlised cover costs more, but there are things such as limited mileage policies, specialist home cover, and excess protection, which could all save you money in the long-run.

Just make sure that any decision you make are informed ones, by talking to an insurance expert that can take all your needs into account.

Save on your insurance – not on the service

Our branch advisors are insurance experts who are here to help when you need us the most – in person or over the phone. Whether that’s changing to direct debit to help manage your finances, or advising you on ways to tweak your policy, we’re here for you.

You’ll also be able to speak to speak to our team about our new Money Savings eBook. We’re on a mission to not only help you save money on your insurance but on your other expenses too! Click here to download your copy for FREE.

Find your nearest branch here to speak with a local advisor who can help. And hop into branch this Easter to join in our free classes, giveaways and events!