“After the dust clouds from my divorce had cleared, I decided to take a hard look at my financial situation. Insurance is of course also part of this. What I found surprised me. Every month I paid insurance premiums that were not necessary at all.”
It wasn’t the first thing Yvette thought of when she and her husband decided to separate. “No, of course your thoughts go to the children first. I felt so bad for them. Their familiar lives were suddenly turned upside down. No more mum and dad in the house at the same time. You feel so guilty.”
But after the worst scare was over, Yvette thought it was time to dig into the economy. “My ex is definitely not up for it, so he just let it go. But it seemed logical to me that things would change insurance-wise if you split up. For example, my ex had taken the car, but it was in my name! So I paid for the insurance. We had also taken out health insurance together at the time. I can’t remember why, but it meant I was now responsible for the costs.”
After a divorce, it is important to get things right for yourself and the children. So that unnecessary financial risks do not arise in the future. “That feeling came over me very strongly,” says Yvette. “When the divorce was settled, I dived into the finances like a lioness.”
In the end, there were several insurance policies that Yvette could save on. “A divorce is no fun, so why should you also have to bear unnecessary costs?”, she says. “I think that many people don’t think about such an unpleasant event, but it really pays to go through, for example, your insurance policies. Not for my ex, no”, she laughs. “He suddenly got costs that he had no idea I’d been paying all those years.”
According to Joey van Druten, insurance expert at risk adviser Aon, it is important to always report changes in your family composition – such as in the case of divorce – and circumstances such as moving to your insurance company. This can have consequences for a number of insurance policies.
The fewer souls, the fewer risks
Passing on a new family composition is important for several insurances. Changing the composition may have consequences for the premium. For example, with building and liability insurance. If there are fewer people living in your house due to divorce or death, the premium you pay for this may be lower.
The value of your household goods can change
When you get divorced, there is a good chance that the value of the shared assets will change. As a result, it may happen that the sum insured is not correct and that you pay too much premium. It is therefore important to report this to the insurance company. In addition, it is wise to take out your own contents insurance. If possible, take out this household insurance with the same insurance company where the house insurance also runs (if applicable, not for apartments). Otherwise there may be overlap in coverage.
Legal aid in case of divorce is not always standard
The same applies to legal aid insurance as to liability insurance. Some legal aid insurance policies provide direct coverage for the entire family. Like, for example, Aon, where the whole family is guaranteed legal aid as standard. For legal assistance in the event of a divorce – which can be useful in the event of a contested divorce – additional cover is also required. This is not standard.
Car insurance: share your claims-free years after divorce
A move may have consequences for the premium. It is therefore important to always report this to the insurance company. The car insurance premium is partly determined by your postcode, because, for example, more thefts and accidents occur in one place of residence than in another. You no longer use the car together? Report this to your insurance company and your partner will be removed from the policy. After a divorce, the claim-free years can also be shared between partners.
Correct number of people insured on the trip
When you get divorced, it is good to adapt the annual travel insurance to the right number of people. It is important when you travel because it covers medical expenses abroad. When you take out travel insurance, you must be aware of whether you already have additional health cover through your health insurance. If this is not the case, it is advisable to insure additional medical expenses in the travel insurance.
· How do you avoid under- or over-insurance?
· What does the legal aid insurance cover?
Transfer claim-free years from your car to your (ex-)partner