How to obtain the best insurance deal

Modern day consumers must manage an array of difference insurance policies to protect themselves, their possessions, and their public liability. Failure to be properly and correctly insured can result in not only criminal prosecution but also financial burden and emotional destress. So whilst many of us may believe that our various different insurance policies are nothing more than an inconvenience and financial drain, the truth is very much the opposite. The average consumer in the UK will manage a number of different insurance based policies at any given time, whether this be via a one-off payment annually or via monthly based instalments. Typical insurance policies include vehicle insurance, home and content insurance, pet insurance, life insurance and mobile phone insurance; to name a few. In each of these examples there are specific purposes for the fundamentals of the policy. For example, in the instance of car insurance, the consumer is looking to protect the value of their vehicle, protect themselves as a legal road user and also protect other legal road users they may encounter. In the example of home and contents insurance, the customer is looking to protect the physical structure of their home, the possessions they have contained in it and also possessions which are taken out of it periodically. Evidently there are a host of different insurance policies which must be managed effectively to protect us as individuals as well as the items we own. This is why today we will look at different methods for the effective management of consumer insurance policies and with that, the various routes available for saving time and money.

Given the number of different insurance policies the average consumer manages at any one time it would be useful to understand how to remove the time and energy which is often spent looking for the best deal. One of the most effective methods for doing this is the use of a comparison based website. There are a number of different sites of this nature, designed to provide a price comparison service without the need to visit multiple different suppliers.  The core purpose of these sites is to allow you to compare the price charged by a range of different suppliers for the same policy. By supplying the basic requirements such sites then produce a simple to understand list of the all available suppliers and the price they would charge. Using these types of sites can save a great deal of time as you only need complete the search process once. It is important to recognise that comparison sites are not inclusive and therefore do not work with every single supplier available. In reality there are a number of companies who specifically do not work in partnership with comparison sites and therefore obtaining a quote will need to be done directly. Often when obtaining a quote directly you may find there are other ‘benefits’ available which cannot be offered via the use of comparison sites. For example, recently the AA offered a promotion including Marks & Spencer’s vouchers when taking out one of their various different Breakdown Insurance Policies directly; the same offer was not present on price comparison sites. Comparison sites have come a long way from their initial introduction and as such, nowadays most, such as Compare the Market offer a host of different policies, including vehicle, pet, life and home insurance; not to mention a cuddly toy with every policy agreed through their site!

Once you have made a decision as to whether you are going to obtain a quote and subsequent policy either directly or via one of the various different comparison sites available, next it is important to effectively manage the cost of the policy itself. There two options to be considered here; either pay for the policy outright or make monthly repayments towards it by way of a direct debit from your bank account. In most cases where the latter option is selected there is an interest percentage applied for the privilege. In such cases the total cost of the policy is increased and this needs to be compared accordingly. There are instances where suppliers will not charge interest but these are rare and may require additional research to be located. Ordinarily the most cost effective method of repayment will be doing so as a one-off concern, however, this does not automatically mean it will be the most affordable option. To determine the most affordable option, this will depend entirely on your personal financial limitations and by which I mean your income versus expenditure and which option would therefore by most financial viable.  

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Author: Internal Customer Services Agent