The global insurance market is huge and, as a result, it can also be very confusing when it comes to finding the best deals for you. Of course, that is what finding insurance is all about; finding the cheapest deal. However, it often isn’t as simple as just logging onto the website and using Google to find the best comparison site.
In fact, there’s much that these particular sites won’t tell you, and they can actually leave you short when it comes to particular elements of a policy.
Here are some tips that will guarantee you the best deal every time, no matter the type of insurance you’re looking for.
Only Cover What You Need
Many people don’t realise that they’re paying for things to be covered several times over. For example, some elements of travel insurance might be covered by home insurance, while others will over value their car thinking they’ll be able to reclaim more in the event of an accident, particularly a total loss.
Know what you already have cover for (your bank account will often cover you for certain home belongings, too) and only pay for what you need, rather than thinking ahead and trying to second guess a potential claim.
Increase Your Excess
Almost every insurance policy today comes with a voluntary excess option. There are two strands to this, although we would always say pay the higher excess to lower your premium, particularly if you’re covering high value goods. The alternative is to pay a higher premium for a low excess, although you should be mindful that if you are liable for any claims your premium could increase drastically.
Depending on what cover you’re searching for, a pragmatic approach might well be better so that you have different levels of excess to pay for various insurances.
Consider a Broker
Insurance brokers are often able to find much better deals than price comparison sites. One of the reasons for this is that some insurance companies aren’t on comparison sites, while others will actually have more success with brokers so be able to offer lower premiums.
Another benefit of using a broker is that you can actually speak to someone about your needs and have any queries dealt with at the time. For all the benefits that are championed when it comes to comparison sites, how often do you use them only to find that something isn’t included that you need and you need to speak to someone rather than tick a box? Finding your insurance with XYZ is one way to use a broker as an alternative.
Much like a salesperson will offer their best deal when you negotiate with them, an insurance company will usually be able to lower their price from their initial quote. The trick here is to tell them you really want to buy insurance from them, but not at that price. If you have some quotes from other companies available, let them know what they are – be genuine, not trying to trick anyone – and they’ll see what they can do.
Finding the best insurance deals doesn’t have to be a challenge; follow this guide and you’ll find it is easier than you ever imagined.
Allan is a champion of consumer rights and loves helping people to find the best insurance deals as well as make the most of their finances in every aspect of their lives.