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Author: Internal Customer Services Agent

How to save money when purchasing insurance policies

Insurance policies are an unavoidable cost for many aspects of our lives, whether it be car insurance, home insurance or even pet insurance, many of us are paying for these costs each and every month. Given the fact these are costs that in many cases must be paid; rather than us choosing to pay them, many of us continue to make payment month in and month out without fully considering if and where savings can be made. In the current economic climate it is more important than ever before that we control our spending and take active steps to reduce spending wherever it may be possible to do so and the cost of our insurance policies is certainly a consideration. Given the number of consumers who now manage their household related costs on a pay monthly basis, our insurance based costs usually end up being paid via this method also. This means for insurance providers there is a fair chance a sizable percentage of us will continue making payments past the renewal point of our policies due to the convenience of the agreement being in place. In reality though by renewing with the same company year in and year out there is an also certain chance we are not saving money where we could be. Today we will be looking at how to save money as far as insurance policies are concerned and how to ensure money saving tips are applied to renewals wherever it is possible to do so. It should be noted that I am not giving advice on the suitability or otherwise of any product or supplier, but rather advising you of some research you may consider taking.

Thankfully when it comes to renewing our insurance policies the internet will do the majority of the ‘hard work’ and in return we get to save money. This is thanks to numerous comparison based websites which now exist and aim to offer us the ability to see where the best deal for of insurance requirements may exist. In fact many of the comparison based websites, such as comparethemarket.com, will save your details from the previous year making the whole process of comparing that bit quicker in some cases. The purpose of these sites is to allow consumers the ability to see who would charge what for the requested policies and list the different service providers in order of cost to enable an informed decision. Usually the process of completion for one of these sites is no more than 10 minutes and then a set of results will be presented specifically selected against your inputted requirements. In addition to simply providing the service of comparison, many of these sites also offer additional deals and services for simply finding your new insurance policy with their insurance. This currently ranges from free cinema access, to partner based promotions to of course, cuddly toys! Many of us may be surprised to find that the completion of such a comparison also highlights that our current provider is able to offer a lower price than that quoted as a renewal price.

It is important to recognise that some of us prefer to stick with the same insurance provider for personal reasons, whether that be good service or ease of contact. In such cases there is absolutely nothing wrong with staying with an existing provider even if the cost is higher than others available. That said it is also important to use they are giving you their best possible price. The completion of a comparison website application may therefore give you the tools needed to discuss and negotiate the renewal premium offered by your existing supplier. Even if your current supplier is not one which is part of a comparison based website, there is no harm in making them aware that another provider is able to offer the same service but for a lesser cost. In the vast majority of cases must insurance service providers will be happy to negotiate the cost of the renewal and in doing so bring the cost down from the price originally quoted as the renewal fee.

Once you are in receipt of all the facts concerning your insurance policy renewal costs, whether this be directly with the existing provider or by the means of a comparison based service provider, it is vital to ensure the total service and cost is reviewed in a personal manner. This means selecting the provider who provides the best service overall for your individual needs. It may be that cost is your main focus, furthermore this cost could be reduced in sacrifice of exceptional customer care. Equally you may be prepared to pay a little more to remain with the same provider and avoid the need to take time and effort researching. Equally you may decide to pay slightly more to gain one of the additional benefits being offered as a result of agreeing to a specific provider and the policy on offer.  

 

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