Your 2024 Auto and General Insurance New Year’s Resolutions

At the start of a new year, many of us reflect on our achievements from the past year. We then set goals, or resolutions, for what we aim to achieve in the next 12 months. The start of the new year is also a great time to re-evaluate your insurance, addressing your changing needs and ensuring you are adequately covered. At Auto and General Insurance, we view insurance as a necessity and a vital aspect of your personal and professional well-being. That's why we've compiled a list of insurance resolutions to help you get started.

Auto and General Insurance: your priorities for adequate cover this year

Insurance isn't a once-off purchase to be ignored after making it. It's an ongoing commitment to your safety, security, and family and business. And because change is the one thing we can be sure of in life, it is necessary to check regularly that your insurance adequately meets your developing needs.

The insurance industry itself is also affected by change1. Over the past three years, it has had to adapt to the challenges posed by a global pandemic. This situation has particularly influenced Business Insurance, requiring new approaches and solutions to meet evolving demands and new risks.

Climate change effects are increasingly evident, too. There is an undeniable rise in the severity and frequency of extreme weather events, such as flooding and wildfires. A proactive response from insurers is necessary to provide adequate coverage and support to those affected.

Locally, issues like power outages and surges have introduced additional risks for businesses and homeowners2. Insurers like are constantly evaluating these risks to adjust the terms of cover for different types of insurance. This ensures that policies remain relevant and effective in the face of these growing challenges.

Homeowner’s Insurance priorities 2024

Your home represents a significant investment and the heart of your family life. Because of this, it requires a more considered approach to insurance. Building Insurance offers protection against the structure being damaged or destroyed, while Home Contents Insurance ensures you can repair or replace your belongings. Auto and General Home Insurance can cover both these aspects, aiding in your recovery from natural disasters, burglaries, or accidents — without causing financial strain. 

These are the Homeowner's Insurance priorities you should focus on at the start of the year, which include:

1. Creating a comprehensive home inventory is essential for understanding the full value of your possessions and ensuring sufficient coverage. It also streamlines the claims process. The start of the year is a good time to check your home inventory, add any new items you have acquired over the past year, and remove items you no longer own.

2. Scheduling regular insurance policy reviews with your broker lets you check that your insurer has your latest home inventory. It is also the perfect time to discuss any changes you have made to your home. This can help you avoid being underinsured, a common homeowner mistake that can have a significant financial impact in the event of a claim.

3. A well-planned home maintenance schedule is as important as a home inventory. Regular maintenance prolongs your property's life and can prevent electrical faults and issues that might lead to water or structural damage.

4. Addressing security measures within your home has a twofold benefit. Firstly, it enhances the safety of your family and property. Secondly, it can positively impact your insurance premiums as the risk of a claim decreases with enhanced security measures.

Following these steps can ensure that your Homeowner’s Insurance is robust, relevant, and ready to protect what matters most to you and your family.

Car Insurance priorities 2024

The importance of Vehicle Insurance cannot be overstated. It's not just about fulfilling a requirement for vehicle financing; it's about ensuring peace of mind while on the road. With the right coverage, you can protect yourself against financial losses due to accidents, theft, or other unforeseen events. However, the success of any claims filed improves with a proactive approach to your insurance policy.

1. As with Homeowner's Insurance, regularly reviewing and updating your Auto and General Car Insurance is essential. This helps ensure that your coverage reflects the current state of your vehicle, including age, condition and any modifications you have made. Also, remember that relocating or changing your driving habits can affect your risk profile and insurance needs; therefore, keep your insurer informed of such changes.

2. Taking a professional driving course can improve your driving skills and benefit your safety and your wallet! Many insurers offer premium discounts to drivers who have completed accredited defensive driving courses. These courses can teach you advanced driving skills and risk awareness, reducing your chances of being involved in an accident. Discover more about how your driving can affect your insurance. 

3. A car maintenance and service plan is important for several reasons. A well-maintained vehicle is less likely to be involved in breakdown-related accidents, common causes of insurance claims. Regular servicing ensures that critical components, like brakes and tyres, are in good condition, reducing the risk of failure that could lead to an accident. In the event of a claim, evidence of regular maintenance can be instrumental in proving that you have taken all necessary precautions to prevent accidents, strengthening your claim.

So, prioritising these aspects of your Vehicle Insurance means you not only improve your safety on the road but also position yourself favourably in the event of a claim.

Business owners & entrepreneurs’ insurance priorities 2024

For business owners and entrepreneurs, risk management is a critical component of sustainable success. This makes insurance a strategic tool that doesn't only protect the assets of your business, but also its reputation and future growth. Staying ahead means identifying new risks, re-evaluating existing ones, and prioritising them effectively.

1. Scheduling a risk assessment and audit is the first step in a proactive risk management strategy. This involves thoroughly examining your business operations to identify potential risks, from physical hazards in the workplace to legal liabilities and market fluctuations. Understanding these risks allows you to tailor your Auto and General Business Insurance coverage to address specific vulnerabilities. For instance, if your business expands into online sales, you’ll need to consider additional Liability Insurance.

2. These days, safeguarding your digital data from threats like hacking, ransomware, or data breaches is just as crucial as protecting your physical assets from theft or damage. Comprehensive security measures, including cybersecurity, not only prevent losses but can also be a factor in reducing insurance premiums.

3. Conducting a professional liability assessment is vital for businesses providing services or advice. This involves evaluating the risks associated with potential negligence claims or inadequate service. Without Specialised Liability Insurance tailored to your business needs, claims against you could be financially devastating.

4. Changes in your business — such as expansion, new product lines, or entering new markets — can alter your risk profile. Regular insurance reviews ensure that your coverage matches your business situation and provides adequate protection.

5. Staff training programmes are often overlooked aspects of risk management. Educating your employees about safety practices, regulatory compliance, and risk awareness can significantly reduce the incidence of accidents and legal issues.

For business owners and entrepreneurs, these insurance priorities are not just tasks to be checked off a list. They are integral components of risk management, ensuring your business is well-positioned to face current and future challenges.

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