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How to Choose The Right Financial Service for You

How to choose the right financial service for you Now there’s one thing everyone likes in life – and that is getting the most value for their money. So when searching for Car Insurance we all like a fair price the same applies when searching for an accountant, we want reasonable charges for the work they carry out. But with so many financial services out there it is hard to know which one is right for you -So we’re here to offer some advice and tips, From Mortgage Brokers to Car Insurance. This straightforward, jargon free guide will highlight which financial service is right for you and want to avoid. Get the right Home Insurance for you When purchasing a house, quite often your mortgage company will source home insurance for you and although this may seem the easiest option it isn’t always the cheapest as mortgage companies often work in partnership with home insurance companies as affiliates. This means they both get a revenue share from the policy and therefore will recommend you use take the policy over unaffiliated companies. Remember you don’t have to take this policy and can source your own quotes to make sure you get the right policy at the right price. Things to know before you start asking for quotes: What level of cover you need – most people opt to take building and contents insurance as this covers you for both the building and the items in it. There is building only insurance policies available but these will not cover you for any items in the building such as furniture, Electrical equipment or furnishings. You may need accidental damage cover – this protects you if you break or ruin any items in your home by accident.

Additional cover – Home insurance does not cover everything, so you may need additional cover for:• Sporting equipment • Out-buildings• Bicycles• Money & credit cards• High value possessions• Legal expenses Sum insured – when searching for a policy you need to know how much to insure your building and contents for as this will affect the policy price. It is advisable to insure your building for the amount you bought it for, and not how much it would cost to rebuild. To calculate the sum of insurance you need make a rough note of how much your home contents add up to give you an idea on the sum required. Also be aware that although most policies cover what we list the below, some don’t so read the policy in detail to ensure you are covered for:• Fire & Smoke damage• Flooding • Subsidence & Structural damage• Burst or frozen pipes • Natural disasters• New for old If these are not included in your policy you will need to find additional cover to include these. There are a number of ways to search for home insurance; you can search on the internet on different company’s websites and comparison websites, alternatively you can use your local directory and call companies directly or even enlist the help of an Insurance Broker who will work on your behalf to find the most suitable insurance for you. There are no right or wrong ways – it all depends on how you prefer to search and source information. Driving away with the best Car Insurance Recently we have continually heard about increasing premiums on car insurance and how renewal quotes are getting higher each year, so being savvy and smart with your car insurance is a must. Things to know before you start asking for quotes: The level of cover required on your vehicle – there are 3 types of car insurance cover: • Third party only, which only protects other drivers if you have an accident. • Third party, fire and theft, which covers other drivers if you have an accident and if your car is stolen or set on fire. • Fully comprehensive is insurance which covers you for every aspect of vehicle damage and theft to both you and any other driver. Terms of use – Insurance companies need to know if the vehicle is used for business purposes, personal use or both. Be sure to be accurate when stating the term of use of your vehicle, because your policy will be null and void if something happens whilst using it out of the stated use. Excess – the amount of excess you pay if you have an accident various between policies so check the excess amount before choosing a policy as you need to be comfortable that you can pay that money if you ever make a claim. Payment option – Paying upfront in full often makes your car insurance cheaper as some insurance companies charge extra administration fees for setting up a Direct Debit. Extras – some policies offer extra’s like a courtesy car if your car is damaged or free windscreen cover. If this is something that you would require, be sure to highlight this when searching for a quote. There are a few factors that may lend to a high/low car insurance quote, such as:• Your age • Length of time you’ve held a license for • Where your car is kept • The type of cover you require• Your expected mileage with 12 months • The engine size of your vehicle • How many people are on the policy Using an Insurance Broker might save you a headache An insurance broker is an unbiased expert in the insurance field and will locate a policy that suits your needs. Using an insurance broker allows you to only supply your requirements once and saves you from search the various companies. Insurance brokers deal with a range of insurance policies, such as:• Retail & leisure insurance• Corporate/business insurance• Property insurance• Motor fleet & commercial vehicles insurance • Household insurance • Personal insurance Using an insurance broker may not suit everyone, some people prefer to search themselves and deal directly with the insurance companies. Mortgage Brokers find the best mortgage for you Sourcing a mortgage is a pretty daunting prospect for anyone – there’s lots of paper work, Terms and Conditions and Jargon so it’s not surprising many of us use a broker when searching for mortgage to save us time, effort and money. Using a mortgage broker allows you be safe in the knowledge that you have the best policy available on the market and that various mortgages have been looked at and everything is correct on the policy. As mortgage brokers are experts in their field you can ask questions, seek advice and find out information which is relevant to your mortgage – all of which would be a lot more difficult to gain if you went direct to the lender. Most mortgage brokers add their fee on to your mortgage or get paid commission by your chosen mortgage company so you don’t have to pay them direct. Solicitors can help you to Solicitors are regularly overlooked when searching for financial advice, but solicitors can also provide Insurance for Car, Home and Contents, Travel and Public liability. Using Solicitors for all your insurance needs makes keeping track of your policies easy and saves you time as you only have to deal with one company for any insurance policy. Solicitors also deal with a range of other financial requirements such as Probates, Wills, Business sales & purchases and Property sales & purchases – they really are experts in the legal aspects of doing business. With so many Solicitors available it may be difficult to find the right one for you, so we suggest you do a bit of research before contacting a Solicitor. Search local directories, newspapers and online for references and solicitors that deal with every aspect of your insurance requirements. Accountants are on hand to help you with your figures Whether it’s for personal or business use, most people will need an accountant at some point in their lives. Accountants cover a wide range of services such as:• Consultancy advice• VAT, NI, PAYE & Personal tax• HMRC investigations • Corporation tax services• Audit & Assurance• Bookkeeping • Financial Management & Business Support• Business start ups • Business plans and forecasts• Tax returns It’s not a case of whether you can or can’t do the above accounting, but it can be a very complex and time consuming process. Therefore, the expertise and guidance of an accountant may be required.

When searching for an accountant, be clear in what service you require and how much work you think it will require. Doing some of the work yourself and getting the accountant to oversee it may be more cost effective than handing the whole job over to the accountant. Also, ask friends, family and other business people you know for recommendations as accountant fee’s can vary a lot so you need to ensure you get the best value for your money.

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