Gocompare.com is calling on households to make sure their personal finances are fit for the future – and whatever it may hold.
In his first speech following the UK’s vote to leave the European Union, the Chancellor sought to reassure the nation and the financial markets that the UK is facing the uncertainties created by the decision ‘from a position of strength’ – having ‘fixed the roof’ so we are in the best position possible, whatever the future brings.
Tom Lewis from Gocompare.com, commented: “The vote to exit the EU leaves us in uncharted territory and the full implications of this historic decision will only be clear after what could be several years of complex negotiations. In the meantime, all existing rules and regulations deriving from the UK’s membership of the EU still apply. This means that there is no immediate change to arrangements such as the reciprocal health agreement between countries in the EU and European Economic Area, and the EU Motor Directive which requires all UK vehicle insurance policies to provide the minimum third party insurance to drive in other EU countries.
“However, most experts are predicting a period of uncertainty as markets respond to Brexit – therefore, people could do worse than to try to make sure that their personal finances are in the best shape possible.”
Switch and save
One of the easiest things people can do to save money is to shop around and make sure they aren’t paying over the odds on their household bills and everyday financial products – including their car and home insurance. But recent research1 revealed that 21 million2 (43%) UK consumers haven’t switched providers for any of the 10 most common financial services products or utilities in the last 12 months. According to independent research, just over half of customers using Gocompare.com could save up to £246 on their car insurance3, up to £61 on their home contents and buildings insurance4 and £207 on their energy bill5.
The European Health Insurance Card
The European Health Insurance Card (EHIC) is free to most UK residents. It gives the right to access state-provided healthcare during a temporary stay in another European Economic Area (EEA) country or Switzerland. The EHIC covers treatment that is medically necessary until your planned return home. Medical treatment is provided on the same basis as it would be to a resident of that country, either at a reduced cost or for free.
However, the EHIC is not a substitute for having appropriate travel insurance. It will not cover any private medical healthcare or costs such as being flown back to the UK, or for holiday cancellation costs, or lost or stolen property.
Currently, the EHIC is unaffected by the Brexit vote, so anyone visiting Europe should make sure they travel with a valid card.
Gocompare.com’s top tips on getting your financial products and household bills in shape:
1. Plan ahead: In order to give yourself time to review your arrangements and make sure that you’re still getting a good deal, diarise key dates including renewal dates, expiry dates of fixed rates or tariffs, the end of introductory offers, etc.;
2. Don’t accept insurance renewal quotes or energy tariff changes without first checking that the new price you are being offered is competitive and that the products meet your needs;
3. As well as comparing prices and headline rates, check the small print of the deal you are being offered. Make sure that you understand all the charges, any penalties, exclusions and terms and conditions you will be required to meet;
4. Use a comparison website – They provide quick and up-to-date information on a wide range of financial products and services. Remember, by quoting and setting up a free account with a price comparison site, you’re telling them when your renewal is due so you can expect to get handy reminders emailed to you when it’s time to switch again.
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Notes to editors:
1 On 6th May 2016, Bilendi conducted an online survey among 2001 randomly selected British adults who are Maximiles UK panelists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.
2 21 million based on the UK Adult population (20+) estimated to be 48,913,000 (Source: Annual mid-year population estimates for the UK, 2014). 43% of people have not switched providers for the financial products and services. 43% of 48,913,000 is 21,032,590.
351% of customers could save up to £246.75 by switching their car insurance - Based on Online independent research by Consumer Intelligence during 01 April 2016 to 30 April 2016
451% of consumers could save up to £61.90 on their contents and buildings insurance - Based on Online independent research by Consumer Intelligence during April 2016 to 30 April 2016
551% of customers saved £207 switching energy with Gocompare.com - Based on 51% dual energy customers who received a price for switching with Gocompare.com, 01 October - 31 December 2015