The benefits of multi-cover insurance #Ad
Many of us have at least one insurance policy that protects us. If it feels like a bit of a minefield managing multiple insurance policies from multiple providers, then multi-cover insurance might be ideal for you.
What is multi-cover insurance?
Multi-cover insurance is pretty much what it says on the tin. HSBC’s Select and Cover is a single, multi-cover insurance policy that covers a range of different things. With it, you can choose exactly which types of insurance you’d like to include as long as you maintain a minimum of three different types of cover at any one time. (Note: this limited to adding one and/or removing one cover in each policy year, outside of renewal) This includes:
- Gadgets
- Mobile phone
- Breakdown cover
- Travel insurance
- Home emergency
- Starter life
- Excess protection
The above list shows the different types of insurance available, and you could include them all on a single policy with Select and Cover. Searching for and maintaining multiple different policies from various different providers can be time-consuming and confusing. Although we still strongly encourage you to search for the best deal for you, having a single policy can be easier to manage.
HSBC have put together this handy insurance infographic to explain a little more about their Select and Cover policies and the types of cover you can include.
Things to know
To be eligible for Select and Cover, you need to be an existing HSBC customer, registered for their online banking, and be a UK resident over 18.
The underwriters for the policies under Select and Cover are:
- Motor breakdown insurance – RAC.
- Starter life insurance – HSBC Life (UK) Limited.
- All other Select and Cover options – Aviva Insurance Limited.
Managing your monthly budget
One of the most basic things that you need to do in order to have control of your finances is to know your monthly budget. I’ve talked about this a lot in the past, particularly in relation to paying off debts or struggling with a limited income.
Knowing your budget simply means that you always know exactly how much money you’ve got coming in each month, and how much you’ve got going out. Having multiple different payments going out of your bank account each month can add a little bit of complication to the process, so having a multi-cover policy with just one monthly payment can help to make your budgeting much more simple.
Things to consider when taking out a new policy
Whenever you take out any new insurance policy, it’s important to make sure you know exactly what your policy covers and how much excess you will have to pay should you make a claim. Make sure you read the small print before you take out any policy so that you’re clear on what you’ll be able to claim for. For example, does your mobile phone policy cover you for water damage if you drop it in the sink? It’s often the small details that you’ll need to know about.
If you’re looking for a way to ensure that you have the cover you need without the multiple policies and monthly payments, then multi-cover insurance could well provide the answer. Just be sure to do your research and make sure that the policies are right for your own specific needs.
*This is a collaborative post.
