How do you save money on your insurance and loans in 2023?

Rising consumer prices, sky-high energy and fuel costs, … inflation crushes households’ purchasing power. It is possible to rebalance your budget by acting on certain expenses. Renegotiate your insurance and your credits! You’ll be amazed at the potential savings!

Infra-annual termination of compulsory insurance

Some compulsory insurances, such as car insurance andHome insurancemaybe can be terminated at any time beyond the first year of the subscription. Thanks to the Hamon law, which came into force in January 2015, you can change your contract whenever you want after 12 months of commitment. After this point, you are no longer required to meet a deadline to go elsewhere.

The interest is twofold:

  1. Be covered by better guarantees your situation: you drive little or less and you are looking for a car contract that can perfectly meet this use;
  2. Pay the right price : The insurance market is large, competition is fierce and choosing the ideal contract is complicated by this abundance of offers.

The use insurance comparator to find the most competitive car or home insurance. The comparison exercise can do you save up to €200 per year. Change home insurance or car insurance is simple. The rules facilitate the process, as the new insurance company at your request can take care of the entire cancellation procedureand thus avoid any break in coverage between the two contracts.

A more competitive healthcare company

Since December 2020, your mutual health is she too can be terminated at any time after one year of membership. The way is the same: you compare the offers online thanks to mutual health comparators and can ask to be advised by a broker to choose the contract that meets your needs and your budget.

Regardless of yours mutual health profilethem simulations allows you to find the most economically interesting formula without renouncing the quality of services. Analyze your needs, know how to anticipate and choose the contract with tailor-made guarantees. With corresponding coverage, you can save up to €300 per year.

That seniors have all the more interest in bringing competition into play as they pay a high price for their mutual insurance. The average price of a senior health insurance is made of €1,500 per yearcompared to €240 for one student health insurance. Between a financial formula at entry level and a superior offer with reinforced guarantees, the delta goes from €45 to more than €100 per month.

The change at any time of the borrower’s insurance

Mortgage insurance is the last insurance that can be can be canceled at any time. Thanks to Lemoine’s law from June 2022, any holder of a mortgage loan can change borrower’s insurance when he wantsand this the day after signing the loan offer, without waiting for a minimum binding period, as is the rule in car, home or health insurance.

Bingo! Of hundreds or even thousands of euros in savings on your mortgage insurance and by extension on your credit. Here is an example with figures to illustrate the interest in this new dish:

You are under 40 and a non-smoker. In 2021, you borrowed the sum of €250,000 over 20 years, guaranteed by an insurance taken out in the bank at a rate of 0.34%. Insurance costs you €71 per month, i.e. a total of €17,000. After several home loan insurance simulations, you will get a delegated quote for rate on 0.10%i.e. a monthly contribution of €21. You save €50 every month, i.e. €600 each year !

Please note that in case of outstandingloan less than €200,000 with a term before your 60th birthday, you do not have to complete mortgage health questionnaire, another flagship measure of the Lemoine Act. If your health is a concern, you’re onto a winner!

Renegotiate your phone subscriptions

Other expenses that it is difficult to do without, those that concern internet, landline and mobile phone packages. These high costs are not inevitable, again here the regulations have strengthened the rights of consumers by allowing them to no longer be trapped by operators.

Here is 3 tips to pay less :

  1. Renegotiate your contract with your operator. Since Chatel Law of 2008, operators must allow their subscribers to terminate their contract after 12 months of commitment by paying 25% of the remaining amount due until the end of the subscription. To avoid termination, service providers have every interest in negotiating. You are naturally in a position of strength if your package is already outside the binding period. Arm yourself with offers from competitors to better argue.
  2. Combine your subscriptions. If they are separate, you can pay up to €100 per month. With a single package you reduce the sails and bring your telephony/internet budget down to under €50/month.
  3. Ask yourself about the need for keep landlineif the vast majority of your communication takes place via your smartphone.

Think about buying credits back

Managing a budget well can be learned and when you have more credits in progress, the task becomes more complicated. In rcollect all your loans in one line, you lighten your monthly budget. The operation is costly in the long term because it consists of extending the repayment period, but you reduce your fees on a monthly basis. This is the promise to breathe better and get through this difficult period that wipes out your projects. With redemption of creditsYou can reduce your monthly payments by 60% !

It is recommended to request brokerage services because the operation is complex, especially in the presence of more than two credits. In case of outstanding housing loan up to 60% of the sums in total, you benefit from the protective rules for this type of credit and the rates associated with it.

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