When you buy a new pair of shoes there are lots of things to consider. Do they look good? Will they give me blisters? Are they durable? Are they within budget?
When you shop for insurance you need to ask yourself similar questions (although insurance is unlikely to give you blisters) and make sure you are weighing up all the options.
Finding insurance for the armed forces can be tricky. Some insurers may consider members of the armed forces as a higher risk, resulting in them refusing to cover you or charging higher costs. To avoid disappointment, you should always shop around and take specific things into consideration to keep insurance costs as low as possible…
Home Insurance
Home insurers base their rates on how likely it is for a customer to make a claim. Some factors they consider are the customer’s age, the postcode of the property and how secure/safe the customer has made the building. Insurers will also look at any previous claims you have made to help make their decision.
When looking for home insurance you should:
- Make your home safe and secure
- Combine your building and content insurance
- Install an insurer approved alarm
- Calculate the value of all your belongings & home contents
- Pay a higher excess (the amount you have to pay if you decide to make a claim on your policy)
- Avoid paying for unnecessary extras
- ALWAYS shop around
In some cases, contacting an insurer directly may be more beneficial than looking for online quotes. They may be able to offer you a better deal or premium than an automated quote from a comparison site. BIBA offers some extra advice on understanding the costs of insuring your home and tips on how to reduce them.
Motor Insurance
For most people, going to a comparison site may be the most obvious answer for finding cover. However, this is not necessarily the best option for service personnel, as friendly Russian meerkats don’t tend to take in the circumstances of armed forces members.
Just like home insurance, you will need to shop around and consider your options to find the best deal for you.
When looking for motor insurance you should:
- Make sure the insurer you choose includes cover on airside use and military bases
- Get the correct type of insurance for your vehicle use e.g. domestic, commuting, business
- Consider low power & low value cars as they tend to have lower premiums
- Consider ‘pay how you drive’ insurance which monitor your driving and can offer lower costs for safe drivers
- Work out if it is cheaper to pay off the insurance in installments or pay it off in full
- Build up your no claims discounts
- Consider sitting a ‘Pass Plus’ course if you are a young driver
You might find it helpful to work with a broker to find a policy that suits you, SIIAP and BIBA specialise in providing advice for service personnel. Their insurance brokers cover Kit & Contents, Motor, Building, and various other areas. Forces Compare also offers a comparison-like site that generates results tailored to armed forces personnel.
Life Insurance
When it comes to life insurance for service members, there are a few different elements to think about. There is a specific type of military life insurance that takes into account the circumstances of service personnel. A regular life insurer is likely to charge you more as serving in the MOD comes with a higher risk.
To find out more about military life insurance, visit money.co.uk. They give detailed advice on how to decide what’s right for you, and how to get it.
