Insurance
Car insurance
Cover for your car, with your premium and renewal date kept in Wisemium when you add your policy.
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Your insurance, by type
Understand your cover, keep track of renewal dates, know when something needs attention, and get quotes when you are ready.
Home and property
Insurance through different parts of life
Insurance often changes as circumstances change. The type of policy people look at tends to depend on what they are protecting, how they travel and what they own. The groups below describe the cover available through Wisemium’s authorised partner, and what usually sits behind each one.
Home and everyday life
Home insurance is something people tend to look at when they move, start renting or buy a property, and it is usually described in two parts: the building itself and the contents inside it. Landlord cover deals with a property that is let to someone else, which is a different arrangement again. Pet insurance is where people look when they want to understand the potential cost of unexpected veterinary treatment rather than meet it all at once.
Cars and getting around
Car insurance is a legal requirement for driving in the UK, and the premium quoted usually reflects the vehicle, where it is kept, how it is used and the driver’s history. Van cover often turns on whether the vehicle is used for work, and motorbike and 4x4 policies are rated differently again. Drivers with motoring convictions are quoted by a narrower set of insurers, which is why that is a separate route rather than a variation of a standard motor policy.
Travel
Travel insurance is usually considered before a trip abroad, whether that is a holiday, work or visiting family. Policies differ in areas such as trip length, cancellation, medical cover and whether they are bought for a single trip or a year, so the terms are worth reading before travelling rather than afterwards.
Specialist and leisure vehicles
Some vehicles are not rated like an ordinary car. Classic, kit, imported and prestige vehicles are often insured on agreed-value or limited-mileage terms, and campervans, caravans and motorhomes raise questions a car policy does not, such as contents while touring and whether the vehicle is lived in. These are handled as their own routes for that reason.
Breakdown and other cover
Breakdown cover is not insurance on the vehicle itself but an arrangement for what happens when it stops, and levels differ over whether recovery starts at the roadside, at home or across Europe. Bicycle cover deals with theft and damage, which home contents policies treat inconsistently, particularly away from the property.
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.