Author: Chemain Evans
Did you know that you could be overpaying for your insurance by as much as hundreds of pounds? Most of us have a hard time getting excited about shopping for different insurance, but a little time invested can go a long way in saving you money. Of course, the cost of premiums isn't the be-all-end-all; quality of service, quick response to claims, and financial soundness are all important factors to consider. However, the focus of this article is on getting and keeping those car, home, and life insurance premiums down. First we'll discuss some generalities; then we'll get down to some specifics for each category.
Shop around. Shopping around for insurance will take some time, but could save you a good sum of money. Ask your friends, check the Yellow Pages and use Buy Insurance. Also check consumer guides, insurance
agents, companies and online insurance quote services. This will give you an idea of price ranges and tell you which companies have the lowest prices. But don't consider price alone. The insurer you select should offer a fair price and deliver the quality service you would expect if you needed assistance in filing a claim. So talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs.
Compare against your current policy. When comparing companies, have your current policy handy when calling so you can compare apples to apples. And if you do find a better policy, absolutely make certain that your new policy is in effect before dropping your old one.
Use the same insurer for multiple policies. Whenever possible, buy your home and auto policies from the same insurer. Some companies that sell home, car and pet coverage will take 5 to 15 percent off your premium if you buy two or more policies from them. But make certain this combined price is lower than buying the different coverages from different companies.
Stay with the same insurer. If you've kept your coverage with a company for several years, you may receive a special discount for being a long-term policyholder. This is why it is important to compare against your current policy. Some insurers will reduce their premiums by 5 percent if you stay with them for three to five years and by 10 percent if you remain a policyholder for six years or more. Check to ensure that you are getting the "renewal" discount. But make certain to periodically compare this price with that of other policies.
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Based on an original document © Simple Joe, Inc. and adapted for the UK market by Buy Insurance.
