OK so your back now and the bills are starting to come in, suddenly New Year let alone Christmas seems like ages ago.
Maybe things like insurance don’t crop up quite yet which is pretty lucky, as you are in for a bit of a shock on the rates to be paid now. With home insurance it’s not going to be a too much of a problem, and even small business insurance is holding steady on rates but when it comes to vehicle insurance compared to last year you will need to take a stiff drink.
With fuel prices still obscenely high, there has actually been nearly a 10% reduction in fuel usage by drivers, not by driving better but by taking other transport to save money.
Some car rates have gone up by over 30% and that is after last year’s increases which were between 15 and 20%. It’s clearly no longer a joke, and to quote the Times of 31-12-2011 “Remember that, at policy renewal time, insurance companies rely on customer inertia to boost their premiums”
Inertia: the feeling of unwillingness to do anything (Collins English dictionary)
Maybe the dictionary should have expanded by adding ‘cos we can’t be bothered’
The hassle of filling in streams of questions and a general apathy to do it each year stops many from bothering and by definition moving.
For sure there is a justifiable worry that by moving, you will end up not being with a high street name. Your protection is that the Insurer has to be authorised , regulated and comply with solvency commitments.
We have all seen that big is no longer beautiful, and now the smaller and less bureaucratic Insurers are making great headway and offering really competitive rates.
So please don’t let the comfort of staying put to avoid the hassle of form filling stop you from doing what saves you money. Inertia like pride is a very expensive commodity.
Ok so you now decide to look at some comparison sites, and see some attractive rates. There may be a slightly lower entry point, but remember any changes you need to make during the life of the policy, like adding another driver or even registering a change of address can come with a horrendous charge, so taking the cheaper option can end up like flying with a cheap airline.
Accepting you guys aren’t stupid, but there’s one key thing when using a broker and that is if they screw up you can blame them, whereas if you do, it’s down to you
OK I hear you say a Broker is seen today as a waste of time because dealing direct cuts out the middle man right? Well yes it should be, but when you add in the fact that each advertiser is paying the comparison site for every transaction equivalent to the commission they would have earned plus a charge for securing a quote, those advertising on the site need to get their money back.
So you get hit with charges and more hidden exclusions, a point it’s hard not to labour on about, that you don’t read about at the point of purchase, and suddenly you’re out of pocket with lower cover and only yourself to blame.
For the record, Trident don’t advertise on comparison sites, we’re here to save you money.
Buying insurance can’t be viewed like buying a can of beans. We’re talking about your home, your car, your business, and so much more, and most importantly your money and it needs more than just a cursory approach.
Not declaring material information, be it in regards to value, or say, with Professional Indemnity, your earnings, or for that matter any information, will handicap any pay out and may possibly exclude one if there was a deliberate intent to mislead.
What I’m trying to say is that Insurance really has got serious and is no longer cheap. Yes it feels like a tax but it’s also a security where there’s nothing else to match what it can do to give some peace of mind.
At Trident we look to take the hassle out of buying insurance, give you the information you need, save you money whenever possible and in short take care of everything.
Don’t let inertia cost you money, call us and let us show you what you’ve been missing.
Cheers,
Robert
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