For years our car and home insurance providers have been raking in huge profits on the back of loyal customers who stick with the same insurer year after year.
The renewal papers pop through the letterbox a few weeks before renewal and I, like many others just accepted that the premium had gone up by the odd £5 or £10 and used to put the paperwork in the drawer – but not anymore.
I’d been a home insurance customer of Legal & General for the last five or six years and despite never making a single claim on my policy, the cost of my premium edged a little higher each year.
This time I thought enough is enough and I should practice what I preach and try to search for a better deal.
My first port of call was a price comparison website, yes the pesky meerkat one! where I input my requirements from my existing renewal schedule.
It probably took around 15 minutes maximum of online form filling before I was presented with a list of cheaper quotes in ascending order.
I flicked through the various insurance offers on my screen to ensure each offered the right excess I wanted – you need to be careful with this element as some of the results show a higher excess figure that you request– yes very sneaky I know.
Eventually I decided that the deal offered by Admiral Platinum cover at £206 ticked all the boxes and would save me over £70 compared with my current Legal and General renewal.
However, it’s worth remembering that some of the biggest Insurers are not on the price comparison websites due to the high commission payments they take on any new business – one of the reasons the cost of cover keeps rising.
Direct Line offered me the exact cover and excess that I wanted for £188 – that was another £18 saved against the meerkat quote and almost £90 saved compared to my existing deal.
So next time your insurer sends you your renewal papers use it as a trigger to search for a cheaper deal – there’s no reward for staying loyal to a particular provider and a £50 – £100 saving isn’t bad going for half an hour or so tapping away on the laptop.
Don’t pay over the odds – shopping around for your insurance really can pay dividends.
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