Time to review insurance policy as auto costs rise

MOTORISTS are praying for something to curb the skyrocketing cost of car ownership after UK fuel prices hit record highs as the Russian invasion of Ukraine continues to have a impact on pumps.

Last week some petrol prices in Northern Ireland had risen to £160 a liter while diesel prices soared even higher.

The increases come shortly after a price comparison site revealed increases in the price of car tires. A price analysis by PriceRunner UK of almost 50,000 car tires shows prices have increased by 20% between July 2021 and January 2022.

Motorists have had a tough time lately, with the global shortage of semiconductor chips also wreaking havoc on car production, driving up the cost of used vehicles.

As Northern Ireland has large rural areas, most households depend on having at least one vehicle.

But with the current onslaught of rising costs, every penny counts when it comes to owning a car.

That’s why now is the time to conduct a review of your auto insurance policy.

It might be tempting to auto-renew your policy when that reminder hits your mat, but people’s circumstances can change from year to year and it always pays to have a broker find you the right deal for you. your needs.

And the good news is that you don’t have to be the expert, your insurance broker will be able to explain insurance lingo and additional benefits to bolster your coverage, giving you the level extra protection you need.

At times when cash flow is key for most people, a boost to your coverage might be to consider excess insurance.

A deductible is a great way to reduce the cost of your insurance premium, however, claims often arise at the most inappropriate times when we don’t always have the funds in our account to cover the deductible.

An excess insurance policy will reimburse any deductible you may have paid provided the claim is greater than the full deductible of the policy at the time of the incident and is reported to the insurer within the time allowed .

For example, let’s say you have a £500 excess on your policy – if you have an accident and it costs more to repair, then you can claim back that £500, so you don’t get paid out.

:: Jeni McKelvey is Director of Personal Lines at AbbeyAutoline (www.abbeyautoline.co.uk)