The price and interest rate increases are forcing more and more Norwegians to find places to save.
In January, price inflation in Norway rose to a surprising seven percent, after an increase of 0.2 percent, according to Statistics Norway. This means several economists that can lead to higher interest rates.
TV 2 has asked the biggest insurance companies if they feel that people are tightening up on insurance to save money:
Safe is now experiencing a larger than usual influx of customers who want to reduce their monthly insurance costs.
Gjensidige and Storebrand says that more customers are now contacting them to review their insurance policies.
Future experience the same. The sees that the insurance most canceling, or reducing, is personal insurance.
– Tighter finances
Communications manager Simen Rudi at Fremtind says that customers have become more price conscious.
– Half state tighter finances as the reason for reducing or cutting insurance, says communications manager Simen Rudi at Fremtind.
SHOULD BE INSURED: Simen Rudi, communications manager at Fremtind, believes it is important to be insured in tight economic times. Photo: Future
– This applies to both those who already have insurance with us, and those who are customers of other insurance companies, who investigate prices with us and others, says Rudi.
– Ask for better offers
Many Norwegians are often double insured, says Malin Sofie Leirvik, communications advisor at Norwegian Family Economy.
ENTRY: Malin Sofie Leirvik, works in Norwegian Family Economics. An organization which, among other things, guides families in financial matters. They are now experiencing many inquiries about insurance. Photo: Private
– Many are probably over-insured because it is challenging to get the full overview. You can have insurance with different insurance companies, through your job, or your partner, says Leirvik.
She believes that more people are not aware that you can get more affordable insurance.
– You only need to call and ask for better offers on non-life insurance both from your own insurance company, or from competitors, says Leirvik.
According to Jorge Jensen, specialist director of the Consumer Council, there is a high risk of being double insured, but also underinsured due to a lack of overview.
– The insurance companies are required to offer insurance based on the customers’ real needs, but the consumers themselves must have the overview. Therefore, it is difficult for insurance companies to follow the rules, says Jensen.
The insurances you “should” have
Finance Norway, the House Owners and the Consumer Council believe you should keep your home insurance, contents insurance and travel insurance.
– Home and contents insurance is important, as many people have large assets in their homes, says Nina Lædre Wiig, communications advisor for non-life insurance at Finans Norge.
Consumer and communications manager Carsten Henrik Pihl at Huseierne believes that life’s crises should be insured.
CRITICAL VIEW: Carsten Henrik Pihl, Consumer and Communications Manager at Huseierne, says that it is wise to have a critical view of what you pay for, but not wise to drop insurance that is important. Photo: Martin Berg Isaksen / TV 2
– It’s a crisis if your house burns down, but not losing your phone in the bathroom. Therefore, you do not need accident insurance for the phone, but home insurance. One should therefore also have holiday home insurance for the owner of the cabin, says Pihl.
Jorge Jensen of the Consumer Council believes that most people should have travel insurance.
– It is important to insure yourself against becoming seriously ill while on holiday abroad, where there is no medical equipment to rely on, says Jensen.
Jensen still believes that you should look out for insurance offers you get when booking travel.
THE HIGHEST EXPENSES: Jorge Jensen, professional director of the Consumer Council, says the basic principle is that you should insure yourself against disasters and the large expenses that you are unable to cover on your own finances. Photo: Consumer Council.
– The booking companies probably make more money from insurance than from the trip itself. That’s why they try to persuade us to buy the insurance when we order online, says Jensen and adds:
– We must ensure that the travel insurance covers major accidents and be aware that air passengers have rights in law.
Insurance you don’t need
Carsten Henrik Pihl in Huseierne, and consumer economist Cecilie Tvetenstrand in Storebrand, do not recommend bad luck, cancellation and safety insurance.
– These are insurance policies that are often linked to the purchase of electronic equipment such as telephones. It is not a disaster if these break. Save the money on insurance, and rather buy a new one if you lose something, says Pihl.
Tvetenstrand says that the things you buy are often covered by household or travel insurance should something unfortunate happen.
CONSIDER THE OPPORTUNITIES: Cecile Tvetenstrand in Storebrand recommends reducing insurance costs and considering other savings before canceling insurance cover. Photo: Frode Sunde
– You don’t need cancellation insurance via travel operator or airline either, because it is often also included in your travel insurance, says Tvetenstrand.
Everyone has the right to necessary health services in Norway, which is why Leirvik in Norsk Familie ekonimos believes that you must not have health insurance.
– But health insurance can be useful in getting the help you need quickly. This is because you usually get help in the private sector rather than in the public sector. There can be a long wait, says Leirvik.
– Could cost you millions
Cecilie Tvetenstrand believes you should be careful about canceling your disability insurance.
– If you fall ill and cannot work, it can cost you tens of millions in lost income, says Tvetenstrand.
If you become disabled, you receive disability benefits from NAV, but this is limited to 66 per cent of your salary up to around NOK 670,000.
– It’s a good salary, but it gives you a maximum of around NOK 440,000 from NAV after tax. If you have a lower salary, it is 66 per cent of that salary, says Tvetenstrand.
Without child insurance, a serious illness or accident can also lead to major financial problems for parents, even if the child is covered by public schemes, says Tvetenstrand.
– Without child insurance, they will receive just under NOK 300,000 a year if they are married or cohabiting, and NOK 325.00 a year if they are single. It’s a low salary to start adult life on, says Tvetenstrand.
Jonas (37) lost half a million: – I thought I was healthy
She believes that one should rather consider cutting back on other insurance policies.
– If you have a really old car, you can consider partial insurance rather than full insurance. As things become less valuable, you can consider cutting back on insurance, says Tvetenstrand.
Leirvik in Norwegian Family Economics believes that life insurance can be worthwhile if you and your partner own a home together and have debts.
– The debt can then be handled if one party drops out. But if one of the parties has a salary to handle the debt even in the event of death, life insurance on the person who earns the least may be redundant, says Leirvik.
