The Car Insurance Grudge
It will surprise very few people that, of all the financial products sold in the UK, car insurance is often the one that is most resented by consumers. When you consider that, of the different types of financial cover available, car insurance is the only one that is compulsory and it’s understandable that car insurance policies are often seen as a ‘grudge’ purchase.
Add to this the fact that unless you have an accident there is no tangible return on your investment and it’s easy to see why car insurance is often a bitter purchase.
With this in mind, getting the best deal possible on your car insurance policy is of great importance. When your car insurance policy is up for renewal there are a few points to bear in mind.
The first point to consider is that prices can vary considerably from one insurer to the next. To get the best deal possible on your car insurance it is important to shop around and compare a number of car insurance providers.
Whilst you might imagine that this is a slow and arduous process, the reality is that price comparison sites such as Moneysupermarket.com make this process very quick and easy. By comparing over 100 of the UK’s leading car insurance providers, shopping around for the best deal on your car insurance takes very little time and often leads to significant savings.
The second point to consider is that loyalty doesn’t always pay. Whilst you might imagine that car insurers are keen to encourage loyalty, the reality of the situation is that insurers often price their policies aggressively in an attempt to acquire new customers and then raise the premiums in the second year. It is important to remember that just because a certain insurer was cheapest last year, they won’t necessarily be the cheapest this year.
A final point to consider is that the cheapest policy isn’t always the best policy. It is important to consider the cover and benefits a policy offers as well as the total excess you would have to pay should you be involved in an accident.
Be sure to take all of these points into account when it comes to renewing your car insurance policy, you may be amazed at how much you could save!