3 signs it is time to switch insurance/financial product

It’s too easy for customers to stick around with existing insurance and other financial products despite better offers existing elsewhere. So much so that Financial Conduct Authority has conducted numerous market reviews in insurance and rules to ’nudge’ customers to shop around. In other areas like utilities, fines are being levied on companies with poor switching records to help customers. From our perspective, here are 3 signs to prompt you to shop around and get a better deal.

Your insurance renewal is 3 weeks away. When Compare the Market compiled data on insurance renewals, they found some fascinating trends. Drivers could save on average over £300 by switching their premiums 3 weeks before renewal. Once you get closer, 7-14 days away, premiums start to rise. The effects vary by age group, with younger drivers able to save the most.

A different bank has a great introductory offer. As ever, it’s worth treading carefully here and reading the small print. Sometimes banks offer cash for new accounts that are free, sometimes ones that have a monthly charge. However, it’s straightforward to work out whether it’s worth going for – and it’s easier than ever to switch bank accounts and all your direct debits. The Current Account Switch Guarantee covers 99% of UK bank current accounts and they do all the hard work for you. So if you haven’t switched in a while, check out a few offers and see if you can make a quick few hundred pounds with a simple switch.

The interest on your cash ISA has fallen through the floor. This one’s really easy to do! Month on month you see a nice return on your ISA then suddenly, the payout drops to next to nothing. That ISA probably had a timed interest rate, and you are out of it. Time to switch! The main money comparison sites can help you spot if a better ISA rate is available – but it is also worth considering whether current savings accounts offer an even better rate. The returns here won’t be tax free – unless you stay within your Personal Savings Allowance.

These are just a few quick prompts to shop around for a better deal – there are many more when it comes to mortgages and credit cards – but we will save those for another blog. For now, if you need to save money on your business insurance, head over to servicesfamily.insure to see if we can help.