April 5th, 2023 | Andrew Hagger | News

More than a quarter of Brits (28 per cent) don’t book their travel insurance until the day they’re due to depart, according to new data from Go.Compare Travel Insurance.

The comparison site reviewed travel insurance policies purchased during January 2023 and found that, of those who were buying a policy for a forthcoming trip 28% bought it on the day of travel.  A further 19 per cent had taken out a policy during the week leading up to their trip while another 24 per cent booked it within the month of departure. Just a quarter (24 per cent) of people had took out their policy within six months of travel.

Despite a significant number of holidaymakers being last-minute policy shoppers, families proved to be the most organised, buying their policy, on average, 64 days before jetting off. Couples were also fairly well organised, typically buying their policies 52 days in advance, while lone travellers tended to leave just 31 days between purchasing their policy and going away.

Ceri McMillan, travel insurance spokesperson for Go.Compare, said on the data: “While some trips are unavoidably short notice, it is concerning that so many Brits are procrastinating before purchasing their policy.

“You can buy travel insurance right up until the point you leave home for your trip, and there’s no shame in doing that, but getting a policy in place early doors can be a game-changer – whether you’re going overseas or staying in the UK.

“Too many people think of travel insurance as something that covers problems while you’re away, but accidents and illness can strike anyone at any time. Cancellation is one of the main reasons people claim on a travel insurance policy. In those instances, having booked insurance right after you started paying for your trip could save you considerable money and stress.”

“As well as cover for cancellations, travel disruption, personal liability and lost or stolen baggage, travel insurance can cover medical expenses in the case of illness or accident, plus pay

for the cost of repatriation if needed. And while it is possible to buy a policy on the day of departure, travellers should be mindful of the waiting periods on some last-minute policies,” warned Ceri.

“In some cases, you may have to wait for a period of 24, 48, or even 72 hours for the policy to begin,”Ceri said. “These waiting periods are there to prevent you from booking insurance to cover incidents that have already happened, like a flight being cancelled or you falling ill, so  you won’t be covered until that period ends.

“And it’s also worth pointing out that if you have a pre-existing condition that could flare up and cause complications, a last-minute travel insurance policy may not cover it.

“All of this said, there are lots of providers offering good policies up to the moment you set off. The most important thing is that you’re insured, so if the worst happens you have support and protection.”

For more information about purchasing travel insurance, or to find out about last minute travel cover, please visit: https://www.gocompare.com/travel-insurance/guide/last-minute/.

March 29th, 2023 | Andrew Hagger | News

Are you hoping to start saving some money? Whether you have a big purchase in mind, or you’d just like to gain more control over your finances, the following tips will talk you through how to get started with saving. 

Set a smart goal

Saving without an end goal in mind can sometimes feel like a pointless task and often leads to spending the savings instead.

In order to avoid this, take some time to set yourself a smart goal. This is a goal that is specific, measurable, achievable, relevant and time-bound. For example, ‘save £1000 by the end of 2023’ or ‘save £250 a month for a year’. Having a specific goal makes it far easier to work towards. Ensuring that the goal you set is achievable is crucial here, the next step will help you to determine what is attainable for you.

Assess your current spending

Determining how much you can realistically save is much easier once you have assessed your current spending habits. 

You could do this by reviewing your bank statements for the past couple of months, or by keeping a close track of your spending for the next few months. This will give you an accurate idea of how much you’re currently spending.

Once you have an idea of how much you’re spending, it is now time to categorise. This will be personal to you, but some categories could include bills, food and socialising. You can look at whether you think you are spending too much in certain areas and whether savings could be made. For example, do you have unused subscriptions or memberships that could be cancelled? Or maybe you could switch phone tariffs to get a better rate.

Open a dedicated savings account

Now that you know how much you are wanting to save and you have your goal in mind, it is time to open a dedicated savings account. Doing this rather than keeping all your money together in a current account will help provide better clarity on how much you’re saving and makes it less tempting to spend the money.

Have a look into different saving account options to assess which one is going to work best for you and how you intend to save.

If you aren’t used to saving, it could be handy to set up a direct debit from your current account to your savings to automate the process and ensure you don’t forget. 

Reassess regularly

Once you have been saving for several months, you should review your budget and savings goal to see if you are on track and if anything needs to change. For example, if your goal was to save £300 every month but each month you are falling £50 short, change your goal accordingly. 

Doing this will help keep you motivated and means your goal aligns with your current financial situation.

March 27th, 2023 | Andrew Hagger | News

Claiming compensation after an injury or accident can be a daunting prospect. But it can also mean you get the recompense you deserve and might also help you speed up your road to recovery.

This blog takes a look at what a personal injury claim is and how, if your claim is successful, it can give your finances a boost and relieve some of those money worries you’ve had to endure.

What is a personal injury claim?

A personal injury claim can sometimes be made after an accident in the workplace or in a public place. If the injury was a result of someone else’s neglect or actions, then compensation might be awarded.

Accidents can take many forms including, but not limited to, slips, trips and falls, road traffic accidents and injuries caused by machinery.

Workplaces must have proper risk management tools and health and safety protocols in place to help mitigate hazards and a failure to do so can result in liability.

How can you begin to make a claim?

To make a personal injury claim, the accident needs to have occurred within the last three years. It’s recommended to speak to a personal injury claim solicitor to begin processing a claim.

The length of time it takes to be awarded compensation depends on the nature of your accident and injuries, as well as a combination of other factors such as the other party’s involvement and any disputes.

Why claim for personal injury?

Research by National Accident Helpline showed that 32% of people saw their finances take a serious hit after their accident. And 42% of those who suffered an accident at work struggled financially.

You might be able to make a claim to help recoup some of the income you’ve lost and to compensate for the hardship and stress you’ve had to deal with as a result of the accident. These can include:

• Loss of earnings: an inability to work can dramatically affect income and any statutory sick pay might not be sufficient to fully cover your outgoings.
• Medical fees: you might have had to shell out for medical expenses or costs to adapt your home if you’re suffering from mobility issues.
• Travel costs: journeys to hospital, physio or doctor appointments can add up and leave you struggling to find the cash.
• Missed holidays: cancelled trips might have left you out of pocket or you might have had to pay an excess to claim on your holiday insurance.
• Specialist care and assistance: If you’ve suffered a serious accident, you might need professional help in the form of physical care or even counselling.

Compensation pay outs can vary greatly, depending on the accident you’ve suffered and how it’s affected each aspect of your life and ability to earn. Many claims can be made on a no win no fee basis, meaning there’s little risk to your finances should you not be successful.

However, it’s a good idea to speak to a professional before deciding to go ahead with any claim and make sure you’re aware of the process and the potential outcomes.

March 19th, 2023 | Andrew Hagger | News

Investing in property can prove to be very lucrative – but it can also be complicated.

If you’re considering starting out in the world of property investment, it’s worth considering a few of the factors that might influence your chances of success.

There are a range different property investment options, as well as a number of property types you can put your money into. It’s about picking what’s right for you level of experience and expertise, as well as what property is available within your budget.

Generally speaking, there are two ways of making money from investment in property. You might decide to buy something with a view to selling it later for a profit (perhaps improving it along the way). On the other hand, you might seek a regular return on the investment, in the form of rent.

Flipping

A ‘flipped’ property is one that’s bought and then sold, usually within a short space of time. It’s popular when the property market is buoyant, and prices are on the rise.

If you’re only going to be living in a given area for a short time, then it might be that flipping suits your lifestyle – you can invest some money into the property, and a little more into renovations, before selling, hopefully for a profit if you’ve done your homework and your sums thoroughly.

Admittedly, the current downturn in the housing market might have made this a less attractive proposition – but there’s still money to be made by renovating and selling for a profit, as long as you know what you are doing.

Many homebuyers will pay a premium for a house that’s freshly decorated and ready to move into. If you can deliver that, then you’ll have a better chance of achieving a quick sale close to the price you’re asking.

Make sure you fully understand the tax implications before getting your hands dirty in this market – doing your sums upfront and taking professional advice could save you a great deal of financial grief further down the line.

Buy-to-let (BTL)

If you’re going to be buying with a view to letting, then there are a number of things to bear in mind.

First, you’ll need a larger deposit than you would if you were shopping for a standard residential mortgage. You’ll also need to be making more. The interest rates are higher, and commercial BTL mortgages aren’t regulated by the FCA.

There are also additional tax considerations to bear in mind – although you can mitigate some of these, to an extent, by making the purchase through a limited company.

The rental sector remains vibrant, even at a time when living costs are being squeezed. If you’re creative and willing to work for it, there is still a respectable level of income through buy-to-let. However always seek professional advice before jumping straight in and make sure you understand the demand for different property types in your area.

Using Letting agents

If you’re short on spare time or live away from your renal property, then you can entrust much of the legwork to a specialist letting agency. This organisation will take care of things like collecting rent and conducting regular inspections of the property on your behalf.. Reputable letting agencies will of course charge for their services, however in return they can make the process of renting out your property much simpler.

If you are relatively new to the lettings market, then an agency may be a sensible option unless you have the time to regularly deal directly with your tenant(s) on a one to one basis.

March 15th, 2023 | Andrew Hagger | News

Investment is a powerful way to grow your savings – in many cases, more powerful than the standard routes by which savings might accrue value. But as a beginner to investing and investment principles, it can be easy to feel confused by the various options available to you, let alone the language used to describe the more complex elements of stock markets and financial systems.

Here, some of the more beginner-friendly routes to investment are explained in simple terms, to help you make an informed decision about how you would like to start being more active with your money.

What is Investing?

First, though, it is important to define what ‘investing’ means. Many people will associate investing with the hectic scenes from the floors of the London or New York Stock Exchange, as brokers urgently close deals over the phone in the face of endless graphs and figures. While there are ways for the average individual investor to engage with stock markets this way, this isn’t investing as you should understand it; this is trading.

Trading involves the buying and selling of stocks, shares and assets during a given day to ride movements in their value, with the aim of profiting from price movements – buying low, and selling high. This involves an extremely high level of risk, though, even for traders with decades of market experience.

Investing seeks to achieve the same ends, but with lower risk; you are purchasing something of value in the hopes that it will grow in value over time, ideally at a rate that beats bank interest rates or even inflation rates. There are numerous ways to think about doing this, and numerous resources to help you along.

Investment and Advice

Given the complex nature of many financial and investment instruments, it can be a shrewd move to speak to a financial advisor – or even to entrust money for a third-party broker to manage on your behalf. But this can introduce an additional level of risk, particularly through negligent advice or handling of your money. Financial negligence is not common, but can have an impact on your short-term finances (at least, before compensation is awarded); quite simply, it pays to be vigilant with your money.

Routes to Investing

Stocks and Shares

While day traders might flit around the stock market on a moment-by-moment basis, you as an investor might ‘go long’ by buying a set amount of shares and holding onto them. If there was an individual business in which you had faith, you might choose this business to place your investment. This is how early investors in businesses like Apple grew their fortune. But success stories like Apple are rare and unpredictable.

Index Funds

Index funds are a way to engage with the stock market without assuming the high risk of putting all your eggs in one basket. These funds pool businesses together, and automatically split your investment between them – the result being a spread of risk, and a more consistent pattern of growth and returns.

Property

Investment doesn’t require you to engage with these institutions, though. Owning property is an investment, and in many ways a shrewder one than any investment you make in the stock market. This investment requires more capital, though, and is more difficult for those with less money to achieve.

March 6th, 2023 | Andrew Hagger | News

A new survey from Go.Compare car insurance has discovered that around 6% of Brits with car insurance, which equates to more than 2.1million people, have not switched car insurance in the past decade or more.

The findings, which asked drivers how often they have switched insurers, also discovered that the older generation are less likely to switch, with 12% of those aged 65 or more admitting that they have been with the same car insurer for more than 10 years.

The survey also asked why those who auto renewed without shopping around chose to stick with their current insurer – and found that a quarter (26%) claimed that it was due to loyalty – and that their insurer has always looked after them. For those aged 65 and over, nearly half (47%) said loyalty was the reason they stuck with their insurer.

Nearly one in five drivers auto renewed their car insurance (19%) said that switching was a hassle or difficult to do and so they stuck with the same provider, with those aged 35 to 44 the age group most likely (27%) to say this was their reason for renewing.

Ryan Fulthorpe, car insurance expert at Go.Compare said: “It is startling to think that despite insurance comparison website being around for more than 20 years, people still aren’t using these websites to compare both cover and price on their car insurance policies.

“Those 2.8million people could be losing out not only on financial savings, but also on improvements to their insurance cover.”

Ryan added: “It only takes a few minutes to fill in an online form and compare over 100 insurance policies, all of which will offer varying cover levels allowing you to pick and choose what you want and need, and at a price you can afford.

“Although the General Insurance Pricing Practices (GIPP) brought in by the Financial Conduct Authority last year are now in place, they only protect the price that a driver would have from the same provider, by ensuring that a renewal price is the same price that a new customer with the same risks would receive.

“By not shopping around drivers aren’t allowing other insurers to assess their risks and offer an insurance policy.”

For further tips and advice on how to get cheaper car insurance, visit: https://www.gocompare.com/car-insurance/guide/top-tips-for-cheaper-car-insurance/

February 28th, 2023 | Andrew Hagger | News

Managing your finances isn’t always an easy task but keeping your money matters in order is a good life skill to have – and even more Important in times like these when faced with the cost of living crisis.

Inflation has had a negative impact on the spending power of the average household, with real consequences for millions – from difficult decisions about heating and food costs to juggling debts just to stay afloat.

Money management does not come easy, but with a little time and effort, you can soon get a handle on your income and expenditure to ensure your budget is sufficient to meet your bills.

Here are some of the smartest ways in which you can manage your finances for the medium and long term?

Keep to a Budget

Discipline is key to managing your money and is a key aspect to help you achieve specific goals or ambitions you might have for your household. Whatever you are hoping to achieve, from saving for a home to paying down debts or even meeting a key financial milestone, your route to success always begins with the budget.

This needn’t be a complicated process to begin with. All you need to know is exactly how much you bring in each month, and how much goes out on regular and necessary costs: i.e.: rent, utilities, and car- or transport-associated costs.

Once you’ve compiled your budget at least you know how much or little you have left over and available to spend or save.

Pay Down Debts First

It may be the case that your money management efforts are focussed on reducing or eliminating debt – this is a good first step and should be your priority before you start to consider a longer-term savings strategy.

This is because the interest rate on any outstanding debts you have will always outstrip the interest you might receive on savings, reducing your saving power – it’s a bit like engaging the handbrake and the accelerator pedal at the same time. Focus on paying your debts as your first step, starting with those that have the highest interest rates, and then move from there.

Save, Save, Save

Once you’re in a better financial position overall, you can start to think about saving your money. There are many ways to approach this, all of which have their own merits, but a basic savings account with an institution you trust is an excellent start. Such accounts are easier to access than longer term fixed accounts or bonds, giving you the flexibility to meet any emergency costs you might incur in your early days of saving.

Create an Emergency Pot

Speaking of which, it might be helpful to approach saving with the same shrewdness as debts. Before putting money aside for pensions or property, you should focus on building an emergency pot equivalent to two or three months of household living costs. This pot will be an essential safety net and a good start before you move on to a wider range of cash savings and investment choices to meet you longer term goals.

February 22nd, 2023 | Andrew Hagger | News

Despite the ongoing cost of living crisis, less than half of the nation reviews its finances on a regular basis, according to new research by Go.Compare Home Insurance.

The insurance comparison site asked the country how often they audit their outgoings, and just 44% said they look for ways to save each month. The remaining 56% admitted that they only check a few times per year or less.

More than a third (36%) said they assess their accounts a few times every 12 months, while 7% said they merely do so once in this same period. A further 2% said they review their spending habits just once every few years. Shockingly, 11% said that they never audit their finances for ways to save, despite rising expenses across the country.

Younger generations tend to check their accounts the least, with 27% of 18 to 25-year-olds saying they never review their finances for ways to save – more than any other age group. This is even though fewer under-25s feel comfortable with their current income than older people.

In contrast, older age groups will assess their outgoings the most, with 46% of those over 55 saying they review their finances monthly, and just 10% indicating that they’ve never looked for ways to save.

Those with families to support also seem to check more often. In total, 46% of Brits with kids audit their finances monthly and only 10% don’t check at all, whereas fewer people without children (39%) said they review their accounts every month.

These findings come as part of Go.Compare’s new home savings research, which reviews some of the lesser-known pitfalls that could be chipping away at the nation’s finances. This includes unknowingly paying for subscription services that are no longer in use and buying insurance policies for items that are already protected by another package.

Ceri McMillan, Go.Compare’s home insurance expert, says: “With prices rising across the board, it’s more important than ever that we keep a close eye on our spending habits, so it’s disappointing that so many of us neglect to regularly check our finances.

“By failing to audit your accounts, you’ll find it much harder to spot any areas where you’re overspending and you might not notice unwanted payments being made. This includes charges for ‘idle’ subscription services that you’re no longer using or suspicious transactions that you don’t recall making.

“If you’re struggling to keep track of your finances, consider downloading a free budgeting app for your smartphone. There’s a variety of these available and they all have different features, but most will let you set a budget and categorise your purchases so that you can see where you’re overspending. Many will also help you track your ‘regular payments’ (such as subscription services), ensuring you’re only paying for what you want to be.”

More information about the research, including tips on ways to save, can be found on Go.Compare’s website.

February 21st, 2023 | Andrew Hagger | News

Mobile phones are a vital part of everyday life for many people, and if they break or need replacing unexpectedly this can come at a huge cost.

Which? is advising consumers on how they can save money on mobile phones and high contract costs amid the cost of living crisis.

1. Buy a Sim-only deal

Buying a phone outright and getting a Sim-only deal can often work out cheaper than buying a phone on a contract. Although not everyone will be in a position to pay the upfront costs for a device, today’s mid-range and budget handsets can offer great performance and a wide range of features – customers no longer need to spend big for a premium handset. These deals can also be accessed by customers who have asked their provider to unlock their phone at the end of the contract.

Sim-only deals can be more flexible, with several providers offering one-month rolling contracts. This allows customers to switch providers to take advantage of better deals, and also avoid hefty price rises that affect longer-term contracts. Which?’s phone contract calculator can help work out if a contract or Sim-only deal is better for you.

Which? has a comparison tool to compare deals, which allows you to filter by overall cost. Some networks with the cheapest deals may be unfamiliar, but they’ll still use the same networks as the top four providers – and smaller providers consistently perform better for customer satisfaction in Which? surveys.

2. Look beyond top brands and models

Whether buying a new or used phone, it is worth looking beyond the big brands. Which? often finds other commendable models in its reviews. For example, the Xiaomi Redmi Note 11 Pro 5G scored highly and received Which?’s Great Value stamp – it can be found on sale for less than £300.

Those who prefer Apple or Samsung could also pay less for certain models. The iPhone SE is Apple’s most affordable model and scored highly in Which? tests. The 2022 version can cost £449 – more than £600 less than the iPhone 14 Pro. Samsung’s alternative, the Galaxy A33 5G, costs less than £330 and also warranted a Great Value recommendation.

3. Buy refurbished

Another way to save is to buy a refurbished phone over a brand-new one – it is also more environmentally friendly. For example, an iPhone 13 costs £749 bought new from Apple, but you can find a refurbished one for around £550 from CeX, with a two-year warranty.

Buying a refurbished phone from a company rather than an individual gives the buyer more consumer protections. Apple has its own online shop for refurbished devices and Samsung also sells Certified Re-Newed phones. Both brands supply these models in new boxes with instructions and accessories, plus a one-year warranty.

Alternatively, you can buy from second-hand specialists such as Back Market, MusicMagpie or Envirofone. Devices typically come with a one-year warranty and will be graded depending on how many cosmetic faults they have. And some mobile networks such as Giffgaff, O2 and Vodafone sell refurbished, too.

4. Trade in your old phone

You could get a discount on a new phone by trading in an old one. It often doesn’t matter if the phone is a different manufacturer’s model, many retailers offer trade-ins on any phone.

You can get an instant quote via Samsung, while Apple offers a trade-in on your old iPhone and lists the maximum it will offer by model on its website. Network providers also offer trade-ins. For example, Vodafone allows customers to trade in their current phone in return for a bank transfer, credit or monthly saving on their bill. EE also has a trade-in site and claims that average savings on a phone, tablet or smartwatch are around £170.

5. Get a family or shared mobile plan

Combined Sim plans offer discounts and perks that could save money, such as rolling over and sharing unused data if there are multiple people in the household.

The downside is that it may be harder to switch to another provider in the future, as it is an extra hassle for everyone to change from a shared deal. Family plans work best if everyone uses a similar amount of data. Group plans are available from BT, EE, Sky, Smarty and Tesco Mobile.

6. Check the reviews before buying

It’s important to check reviews before splashing out on an expensive phone. If there are annoying problems with a new device, or it needs upgrading after a year or two, it might not be worth what you spend on it. Which? has a range of free advice guides to help shoppers choose a mobile phone that’s right for them.

7. Repair your old phone

If you’re looking to replace your old phone because of a cracked screen or because the battery life no longer holds up, you’ll save a lot of money by repairing instead of replacing, and it’s better for the environment. A new battery could cost less than £20, and replacing a display less than £100. Which? has a helpful guide on  how to repair your mobile phone.

Reena Sewraz, Which? Money Expert, said:

“No one wants to fork out hundreds of pounds on a new phone, especially as the cost of living crisis continues to put pressure on household budgets. Unfortunately, this kind of spending is often out of our control as our devices can pack up or need replacing at inconvenient times.

“However, there are ways to cut the costs of a new phone. If you can afford the upfront costs of buying a phone outright, then consider a Sim-only plan which normally works out cheaper in the long run.

“The biggest savings can often be found by opting for a refurbished or second-hand device, provided you buy from a reputable retailer. You could also repair your old phone, or trade it in for cash, or a discount.”

February 14th, 2023 | Andrew Hagger | News

A new study suggests as many as 37 percent of British pet owners will buy their dog or a cat a card for Valentine’s Day, while as many as four in ten (43 percent) will treat them to a gift.

In fact, nearly a tenth (eight percent) say their pet is more likely to get a Valentine’s Day gift than their partner.

The M&S Pet Insurance study found that more than two thirds (70 percent) will spend as much or more than they did last year on a treat for their pet – an average of £36, with Gen Z Brits (aged between 18-29) splurging the most (£41).

Four in ten (45 percent) believe their four-legged friend will understand the gift is a special treat.

A play toy (54 percent), edible treat (39 percent), special meal (29 percent) and a new outfit, (14 percent) were some of the most popular gifts the nation’s animals are most likely to receive on 14th February, while one in six (16 percent) can expect an extra-long walk .

A trip to the grooming parlour (11 percent) and an at-home pamper session (10 percent) are other ways the nation’s pet owners plan to spoil their furry friends this Valentine’s.

The nation’s love of their pets isn’t just for Valentine’s Day though, more than three quarters (80 percent) say that their pet should be involved in all celebrations, such as birthdays and Christmas.

Three quarters (75 percent) feel that their pet is part of their family, while two thirds (64 percent) get joy from seeing them happy.

Almost two in three (63 percent) say their pet has a positive impact on their wellbeing, with over half (60 percent) admitting they look forward to seeing their pets every day. And over half (54 percent) count sharing cuddles with them as one of the highlights of their day.

Highlighting how much our four-legged friends mean to us, four in ten (43 percent) tell their pet they love them every day, while a third (34 percent) say they have more photos of their pets on their phone than friends and family.

A fifth (20 percent) send a Valentine’s Day card every year, as a demonstration of their love for their animal (49 percent), because their pet is a valued part of their life (48 percent) and because it makes them happy (47 percent).

While one in three (29 percent) don’t want their pets to miss out on the Valentine’s Day love.

Neil Rogers, M&S Pet Insurance, said: “It’s great to see that many of us will be showing our beloved pets just how important they are, with a special Valentine’s Day treat.

“Having a happy, healthy pet is a top priority for every pet owner, but coping with unexpected costs for veterinary treatment can be difficult.

“Taking out insurance – and selecting a policy that’s right for you and your pet – can provide peace of mind for pet owners, and help to take away the worry of covering costly veterinary’s fees.”

However, over a quarter (26 percent) of pet owners do not have insurance for their animals, while a sixth (14 percent) admit to having it for some, but not all, of their pets.

Feeling that it’s too expensive (43 percent), not feeling like they need it (22 percent) and not considering it worth the money (17 percent) are the main reasons for not taking it out.

Despite this, nearly half (47 percent) admit to having had to pay an unexpected bill for their pet in the past.

When asked about whether they would be able to pay the average veterinary bill (£817 according to the Association of British Insurers), more than a third (38 percent) said they wouldn’t be able to cover the cost.