Debunking 5 common insurance myths with Budget Insurance

Do you know enough about your insurance policies to know what is fact from fiction? There are a number of myths out there about home insurance and life insurance policies in particular. To clear up these misconceptions, and help you get the cover you actually need, our experts at Budget Insurance have created this handy myth-busting guide.

Myth 1: All car insurance policies are expensive

While paying back a car can be a big financial strain, it is not wise to be on the road without car insurance. There has been a dramatic increase in road accidents, and because of this, there is now a wide range of policies out there that will suit all budgets. Old car that’s paid off? No problem, get Third Party Only insurance for a minimal monthly outlay. There is also Budget Insurance’s Lite cover option. Before writing it off, do your research thoroughly and ask yourself whether you can afford NOT to have car insurance…

Myth 2: My landlord’s insurance will cover me too 

Even if you are renting an apartment, it’s important you have your belongings covered by home contents insurance. Many tenants are under the impression that their landlord’s insurance covers their belongings, but this is not the case. Tenants need to have their own home contents insurance that covers furniture, clothes, jewellery and tech, against crime or disaster. Calculate how much your belongings are worth and get them covered.

Myth 3: My pre-existing medical conditions prevent me from getting life insurance

Even if you do have a pre-existing medical condition, like heart disease or high blood pressure, you can still get yourself insured. Your insurance company will perform health checks before agreeing to cover you and you need to disclose your medical history upfront. This will determine the amount of premium you will pay. Remember it’s important to be honest upfront. If it is discovered you did not disclose everything, the insurance company can refuse your claim.

Myth 4: Buildings insurance covers everything on my property

Take time to read over a buildings insurance policy before you decide, because they are not all created equal. There are many different types that cover different things. There are three main aspects of coverage: fire, property and contents. When comparing home insurance policies,  check which aspects are covered. Is it fire insurance and property cover, or just fire cover? Is your swimming pool covered, or is that extra? What about damage due to a break-in or theft? These elements will dictate whether the policy is right for you. 

Myth 5: Young people don’t need life insurance

You’re fit, healthy and full of plans for the future. Life insurance might not factor into those plans, but it should. Buying a life insurance policy when you’re young makes good financial sense. The younger and healthier you are the better, as your monthly premium will be calculated based on your health, lifestyle, age, gender and occupation. It’s a case of spending money to save money. So get locked in early before your family and financial responsibilities grow.

Where to go next if you or your family have further questions

With many insurance myths out there, it’s no wonder people struggle to find the right policy, and put off protecting their future selves if the very worst was to happen. Budget's customer service team is always on hand to assist and answer any questions you or your family may have, particularly around any Budget Insurance claims. Get an insurance quote by clicking here or calling us on 0860 86 04 44. 

Find out more about Budget Insurance claims

At Budget Insurance, we want to make insurance as easy and as stress-free as possible. We’ll take care of the important bits, while you can carry on knowing you’re in safe hands.

If you have a claim to make, or you’re wondering what the process will be if you take out a policy with us, we’d love to chat. Simply fill out your details here and we’ll contact you with everything you need to know. 

Budget Insurance Company is an authorised non-life insurer and financial services provider. Life Insurance policies are underwritten by 1Life Insurance Limited, an authorised insurance and financial services provider.