Insurance, sorted either way
Understand your insurance. Keep track of what you have. And if you are looking for cover, choose what you need and an authorised partner takes it from there.
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Understand your insurance
Plain explanations of the terms that appear on a policy or a quote.
Types of cover
UK motor policies are usually sold at three levels. Third party only covers damage or injury you cause to other people. Third party, fire and theft adds cover for your own vehicle if it is stolen or catches fire. Comprehensive also covers damage to your own vehicle. Home insurance is commonly split differently, into buildings cover, contents cover, or both together.
What can affect the cost?
Insurers set their own prices and weigh things differently, so two quotes for the same person can differ. Factors commonly taken into account include where a vehicle or property is kept, how much it is used, the level of cover chosen, the excess, previous claims, and who else is named on the policy.
Understanding excess
The excess is the amount taken off a claim payment. Most policies have a compulsory excess set by the insurer, and you may also choose a voluntary excess on top. When you claim, both are added together, so a policy with a low premium and a high total excess can cost more at the point of a claim.
Renewing your insurance
Renewal notices commonly show what you paid last year next to the new price. It is also the point at which the details on the policy are worth checking, because things like mileage, address, named drivers or the value of what is covered may have changed during the year, and a policy priced on details that are out of date may not behave as expected.
Policy documents
A policy usually arrives as more than one document. The schedule lists who and what is covered, the premium and the excess. The policy wording or booklet sets out the full terms, including what is not covered. For motor cover there is also a certificate of insurance, which is the legal proof that cover exists.
Why insurance sits inside a financial manager
Insurance is one part of your financial picture, not a separate errand. Wisemium keeps it alongside your energy, broadband, mobile and other costs, so a renewal date stops being something you have to remember on its own.
It works from evidence rather than guesswork. What you typed, what Wisemium read from a document, and what you confirmed yourself are kept apart, so a date you have checked is never treated as though it were lifted off a PDF. Anything unknown stays blank.
New to cover in the UK? Our guide to car insurance for first time drivers explains what the terms on a quote mean. You can also read what Wisemium is and how it works, or see how your documents are stored before you upload one.
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