It’s been said already, but it’s worth stating again: one of the easiest ways to save on insurance is to look carefully at your policies and make sure you’re not “double covering.” It seems almost everything electronic or of any value comes offered with individual insurance policies at the checkout. Before you agree to purchase these additional single item policies, check your home contents insurance, which may already provide all the cover you need.
With every insurance purchase, calculate for yourself how much cover you need, and buy only that amount, rather than relying on insurer’s estimations, which may be inflated. Use comparison sites such as www.insure.com to get the best deal, but make sure you are comparing like for like policies. Also, check for insurers who deal directly with the customer and are not listed on comparison sites.
Use the comparison sites quotes as a starting point, but don’t simply accept the figures they suggest. Rather than taking out the policy through the website, call your existing insurer and give them the quotes. They may be able to match or better the deal, if they want to retain your business.
Once you’ve got your current insurer’s best offer, ring around the two or three most promising quotes and ask if they can beat your current best offer. This will do two things. First, it will ensure you get the best deal possible. Second, it will give you an idea of the companies’ customer service standards. If the sales people are surly and unwilling to negotiate, what are the chances of receiving better attention from a claims handler?
Check with potential insurers if there is anything you can do to bring your premium down, such as taking additional safety precautions, increasing your deductible, or bundling insurances such as home and contents, life and travel cover together.
Also look at the insurer’s track record for payouts. Read customer reviews, to get an idea of how likely an insurer is to play fair in the event of you needing to make a claim. Also check the incidentals, and make sure if you want a courtesy car in the event of a breakdown, one will be provided. Similarly, don’t pay for extras you won’t use, such as yard coverage where you don’t have a yard.
Refining your insurance policy may be time consuming, but it’s worth more than just the potential savings, it’s worth the genuine peace of mind that comes from knowing your policy covers your personal circumstances rather than being a generic one that may be covering you for the wrong things.