If one of your insurance policies, like your home, auto, pet, or annual travel insurance, is coming up for renewal, don't assume that your current insurer is giving you the best deal.
When it's time to renew, most insurers know that about 70% of their customers will accept the quote without even checking to see if they could get it cheaper elsewhere. This could be because the customers don't have the time or desire to look around or because they really think they are getting the best deal.
But this could cost the consumer tens or even hundreds of pounds every year if they don't pay attention. After all, insurance companies are businesses, and most of them won't give their loyal customers lower premiums as a reward.
You could save a lot of money by shopping around, either online or with the help of an independent broker. This doesn't have to take a lot of time.
Even the Financial Services Authority (FSA), which is an independent regulator set up by the government to watch over the financial services industry and protect consumers, says that consumers should shop around.
Keep in mind, though, that even if you're looking for a cheaper deal, you should never, ever give up on coverage. There will always be a good deal on car or home insurance, but the coverage may not be enough for your needs. It's possible that the amount of coverage isn't enough or that the policy doesn't have the same features and benefits.
Therefore, always compare any new quote on a like for like basis with your existing cover and not forgetting to look at the small print and any exclusions.
It doesn't take long to get other quotes, and most of the time, you'll save money.
