Car/Home Insurance - it pays to shop around!
At one of our recent seminars, in a session about personal finance, we spoke about the importance of doing your research when it comes to car and home insurance. This led to one of the attendees, who was about to renew her car insurance, to allow us to do a live demonstration to rest of the audience.
This particular attendee has been with Quotemehappy.com for the last 3 years and said that she was happy because the renewal of her monthly car insurance was reducing from £73.44 per month to £68.22 a month. She had her renewal notice on her emails and agreed for us to compare this to the rest of the market. So, in this instance we used GoCompare.com, but there are others such as Comparethemarket.com and Confused.com so there is plenty of choice. The purpose was to look at the various insurance companies who would look to insure this person and her car. After the usual 5 minutes answering the various questions on job role, car type, mileage etc we hit the 'search button' and it came back with over 50 different quotes. This cheapest being with Hastings Direct. A quick #comparison of the current policy and the Hastings Direct showed that the two policies were nearly identical, both had windscreen cover and a courtesy car in the event of an accident, but the Hastings Direct has a slightly cheaper excess, albeit only £50.
However, the biggest difference was the cost. The new Hastings Direct premium was £42.31 per month, payable with an initial payment made by debit card, with 11 following payments by Direct Debit. That is a huge saving of £25.91 per month on the renewal premium (£31.13 on the current monthly cost!) or £310.92 over the course of the year!!! The additional bonus was that she also protected her no claims discount for the same price!
So it goes to show, it really does pay to shop around, and not just accept your renewal notice when you get it through. A quick survey recently conducted at a seminar of ours showed that 30% of people automatically renew with their current car insurer and a huge 60% renew with their home insurance which we found to be surprisingly high.
Needless to say, the attendee who kindly allowed us to do this public demonstration was happy she took time out of her busy day to sit in our presentation. For more information on our seminars and what else Fortem Financial Education do regarding #personalfinance & #financialliteracy, please do not hesitate to contact u
s on 01256 345630.