How inflation affects your insurance premiums

Inflation is back. It’s pushing up the cost of petrol, groceries and practically everything your household spends money on.

That includes insurance.

While no one likes paying more, here are some things to keep in mind when your insurer tells you premiums are going up.

One is that insurance cover is always being reviewed, and often improved. For instance, new drugs and medical treatments can make a dramatic difference to your wellbeing. These are generally expensive and not freely available in the public system. The cost will be reflected in health insurance premiums.

The second tip is to consider ‘rate for age’ annual premiums when you take out new cover. These cost more initially but remain flat for a fixed term – often 10 years – which can make them substantially cheaper overall.

Our final money-saving tip is to review your total cover.

Insurers are constantly changing their cover, so the policies you took out five years ago might not be the best fit today. There might even be options that offer better value. So make sure you talk to us whenever you’re tempted to make changes to your insurance.

If you’d like to review any of your personal insurance policies, we’re always here to talk.