Here, Sharon Mawson, commercial director of QuickPages offers insider tips on how to bring down your insurance premiums, especially for everyone aged over 50.
“Summer is a boom time for insurers as it is the period when the highest number of policies come up for renewal. Research shows that when consumer demand is at its highest insurance prices rise.
“For the savvy shopper, however, there are a number of ways to counter this and bring down the cost of the premium without impacting on the quality of the cover.
“It’s worth remembering that, today, loyalty does not count for much. You are far more likely to get a better price if you swap provider each year. Yet our research shows that the over 55s are the least likely to switch with almost one in five automatically renewing without searching for additional quotes. The insurance industry recognises this inertia and deliberately doesn’t build in a loyalty discount – you have to ask for it.
“To get the best discount we recommend that you request quotes from at least three insurance providers and ask each provider what their best price is. And don’t be afraid to play them off against each other. Many insurers have a Freephone number so it won’t cost you a penny but a few calls could save you money – you’ll be amazed at how much leeway the person on the other end of the phone has in terms of offering you a discount!
“If you want to remain loyal to your existing provider, it is worth sourcing another quote to check that the deal they are offering you is in line with the industry average. And don’t let the policy automatically renew. Call them and ask them to apply a loyalty discount.
“The best time to call is when you have three weeks remaining on your policy – any time before and some providers may have problems calculating a quote; any time after and you stray into forced renewal territory which hikes up the price.
“For the sake of a few calls (many of which will be free through Freephone numbers) you can save yourself significant amounts of money on your insurance!”
By Sharon Mawson, commercial director of QuickPages
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