The Financial Conduct Authority has highlighted that many millions of people are likely to be overpaying on their insurance.
So, what are the 5 easiest steps to a better deal on your renewal?
Here are some lesser known facts and tips about shopping around. Most people (and insurers) will think about their policy in the last few weeks before renewal but:
- Don’t leave things to the last minute – mark a calendar or set a reminder to look at your insurance policy;
- Give yourself a little time to shop around (see below), keep in control of your renewal and help make sure it’s on the best terms for you.
- Talk to your current insurer:
- If you have more property, or got rid of stuff, the level of insurance you need might have changed. You may be overpaying or run the risk the insurer not paying up as much if you are ‘underinsured’.
- Ask them if you have earned a no claims discount – assuming you haven’t made a claim or if you are a long-standing customer.
- Is your renewal more expensive than last year? Tell them, that you’ll shop around – this may bring about an instant reduction. If not, ring off and check out the field…
- Check a Comparison Site? Yes but…
- Not all companies put themselves on comparison sites! Partly because these sites take a cut and some insurers think they can offer you a better deal direct.
- Some providers on the comparison sites may not have the levels of customer care that you should expect.
- Comparison sites are good for quotes with a known provider or for use as a bargaining chip for a lower price.
- Shop around and listen to friends
- Talk to family and friends compare premiums and their experiences.
- Go back and negotiate
- Don’t feel confident to negotiate with your insurer? JUST DO IT! Tell your old insurer what you have as an offer and ask them to match it.
- Even if you stay with your insurer, you will have the satisfaction of knowing you have got a fairer deal.
YOU KNOW ITS TIME TO SHOP AROUND.