When it comes to insurance, loyalty doesn't pay
Insurance is an essential expense for most households, but it can be expensive, especially if you add up all your policies, such as motor, home and health insurance.
If you are one of the many people who automatically stay with their current provider, the chances are you are paying more than you have to. A little time spent shopping around could cut hundreds of euro off your yearly insurance bill. Not convinced? Check out our insurance cost comparisons, they will give you an idea of how premiums and benefits can vary and the savings that can be made.
Here are some tips to help you in your quest for better value insurance:
- Bargain with your current provider. This is always worth a try, especially if you are happy with the benefits included in your policy, but think the price is too high. Your provider may offer to lower your premium, rather than lose your business.
- Explore all options. You can contact providers directly, either online or by telephone, or you could go through a broker. But try to get as many quotes as possible.
- Don't just focus on price. 58% of people who responded to our latest online poll said that price is the most important factor when buying insurance. Obviously you want to get a good value policy, but it could be more costly in the long run if you don't get the right benefits. If you're not sure what benefits are important to you, take a look at our motor and home insurance shopping around checklists- they'll give you a good idea of the standard benefits on offer and you can use the checklists to keep track of the quotes you receive.
- Check the terms and conditions. It's a good idea to find out what's not covered as well as what is. And check if any excess applies. If you aren't happy with the terms and conditions, you are entitled to cancel your insurance within 30 days of the policy being issued and to get a refund of any premium you have already paid. This called a 'cooling off period'.
Read more about changing your insurance and the questions to ask when shopping around.
If you do decide to look for better value, why not go one step further and cut the cost of your grocery, energy, TV and telecoms and mobile phone bills? The Economiser can help you. It will show how your spending compares with the most relevant average for you and then give you tips and advice on how to cut your costs.
Published Date: 10/05/2010