In 2022, people in the UK unknowingly spent half a billion pounds¹ on subscriptions that automatically renew.
It can be easy to get caught out if companies make it difficult to cancel or fail to remind you that their service is due for renewal. Insurance could be one of these products that slip through the net, so make this the year that you take stock of any monthly or annual payments going out of your account.
Is your cover outdated?
If you do have cover that automatically renews, check it is still suitable – you may be insuring products you no longer own, such as old phones or other electrical items. On the other hand, if you took out insurance many years ago, purchases you have made since then may not be covered. You therefore risk incurring additional costs if newer possessions are stolen, lost or damaged.
Could you be paying less?
If your insurance is not up to date, it could mean that the premiums you pay are no longer the best deal. The value of some items might have gone down, or insurers could have made their prices more competitive.
Here to help
Instead of letting your insurance auto renew, seek advice – we can help assess if your cover is still relevant to your current circumstances.
As with all insurance policies, conditions and exclusions will apply.
¹ Citizens Advice