It pays to shop around for Insurance

Insurance premiums could be on the rise as insurers face up to the current economic climate and pass costs down to the insured i.e. the customer looking for insurance.

With everybody needing to tighten their belts save money and get the cheapest quote, the last thing we want is for the cost of our insurance quote to go up. But as with any business, insurance companies need to make money. With that in mind it looks like consumers will find themselves getting more expensive insurance renewals and quotes.

How to shop around for the best quote

The single best way to ensure you are getting the lowest possible quote for your insurance is to simply shop around and compare quotes. You could be surprised at what you might save just by taking a little time to either get quotes online or making a telephone call. Make a straightforward list of the insurance company name, the quote amount, the reference number and the name of the person you spoke to if you got your insurance-quote over the phone.

In addition, create another column where you can jot down any extra insured features and benefits provided by the insurance company as part of the deal. This may help you decide which quote to opt for if prices are roughly the same between the lowest quotes.

When getting quotes be sure to not limit yourself to the "Compare" website services only. These sites do a great job of looking around many companies for quotes but they may not always have the best rate from that company.

Insurance rates could be different between Brokers and Insurers

Also remember that there is a difference between a broker and an insurer. The broker will be able to compare many insurance quotes from lots of companies but the insurer will only provide you with their own rates. However, in some circumstances the insurer may be able to offer special deals, quotes and offers on their insurance products that a broker or compare service does not have access to.

Get the cheapest Insurance quote

Spending a couple of hours on this should provide you with a decent number of quotes on your list and could open your eyes to the difference in premiums and the savings you could make. It's very easy to just accept or worse forget about your insurance renewal and let it automatically renew. You should not feel obliged to be loyal to any one insurance provider. After all, the insurance companies have made it easier than ever for you to compare quotes.

Comparision websites: Compareandsave, GoCompare, MoneySupermarket, Comparethemarket.

Copyright © 2021