Make Me Richer: Savings to be had on home insurance
With rising property taxes and water rates set to hit homeowners in their pockets, it is definitely time to shop around for a better house insurance quote. Cover can differ from company to company, and even policy to policy, but there are always savings to be made.
We priced up home insurance for a house in Mallow, Co Cork, which is worth €220,000. It has a standard alarm and the policy includes accidental damage, buildings cover of €145,000 with 30 per cent contents cover. The homeowners, a couple in their 30s, have no previous claims and the excess is €300.
Best: €234.61 Chrome Insurance
Avoid: €406 Kennco
Our 28-year-old physiotherapist drives a 1.5 Renault Megane worth €13,000. He lives in Dublin and wants fully comprehensive car insurance for his 2010-registered vehicle.
He has no points or claims and has a full licence. His new policy includes excess of €300 and bonus protection. But can a man about town really save much in today's tough insurance market?
Best: €498 Chill
Avoid: €877.97 Axa
CAR HIRE EXCESS
We're still on cars, but this time we're overseas. Many holidaymakers renting a car this summer don't realise that they can be hit with a hefty added charge before they even leave the airport. Insurance excess (which ensures your hire car is covered if damaged or stolen) is usually paid at the car rental desk. But you can save time and money by arranging this while still at home. Some customers opt against purchasing excess waiver insurance, leaving themselves vulnerable to huge excess fees which can be held against a Visa card until the car is returned. We priced cover for an Opel Astra for a week in Spain.
Best: €20.93 Carhireexcess.com
Avoid: €115.22 Budget Car Hire
With the European Central Bank cutting interest rates to a record low, regular savers fear banks may eventually be forced to pass the hit on to them – giving them even lower interest rates than those already on the market. The Government's DIRT tax is also putting people off squirrelling their money away, as who would willingly want to hand over another cent in tax? But many workers simply want to put their spare cash away. How much interest can you make in one year if you manage to save €500 a month, before the State takes its (unfair) share?
Best: €130 Nationwide UK (Ireland)
Avoid: €65 Bank of Ireland
This week we look at a mortgage protection policy for a couple: he's 37 and she is 39. Neither of them smokes, and the cover is for €292,000 over 28 years – and if either of them passes away during that time, the outstanding mortgage is cleared. But how much can they save over the length of their policy?
Best: €36.43 with Aviva (through Low.ie)
Avoid: €50.51 New Ireland
Sunday Indo Business