One in three consumers pays over the odds for car insurance, according to a recent survey by the RAC
To get the best possible price you need to check 3 sources – Comparison sites, Direct Insurers & Insurance Brokers.
Use comparison sites to get you started, then make sure you check the companies that don’t feature on comparison sites such as Direct Line and Aviva and finally contact an insurance broker as they may have exclusive schemes that are only available via an intermediary. When shopping around for car insurance, it’s important to make sure that you are comparing like- for-like cover. Some policies may seem cheaper, but you may find you don’t have the same level of cover and in many cases the excesses will be higher.
One thing worth remembering is Cheap is not always cheap! Make sure you check the companies’ interest rates if you are paying by direct debit as some insurers are as high 30%APR! If possible pay your premium up front to maximise your savings.
Also check the insurer’s admin charges so there are no nasty surprises if you need to make a mid-term change such as adding a driver, changing your car or cancelling a policy, many insurers will charge hefty fees for minor changes as this is how they supplement cheap premiums.
Finally and most importantly always choose an established reputable insurance company, as with most things in life you get what you pay for. If you get a cheap deal from a company you have never heard of before don’t be surprised if the cover & service are lacking when it comes to make that all important claim.
Ben Mott of Motts Insurance Brokers, Penarth