Good, Cheap Insurance: It's Not Just About the Insurance Quote...

It's not everyone's favourite subject but in the era of cutbacks, getting value for money comes into every area of our lives. Consumers always frown about the cost and most of us can probably recall examples of paying extortionate amounts for insurance. In recent years, the insurance market has become increasingly competitive and suffice to say, the ball is in our court. Here is some advice to consider when choosing insurance:

SHOP AROUND – Design your ideal policy, focusing on a few main priorities. Research as many policies as possible and compare prices. Play the Companies off each other, tell them if you see a better deal elsewhere and they might just offer you a better one. You can purchase either directly from the Insurance Company or through an Insurance Broker; online, on the phone, or face-to-face. You are also entitled to switch to a new Insurance Provider at any time.

READ THE SMALL PRINT - Whether you are looking for obligatory insurance like car insurance, contractual insurance such as banking cover or if it's a personal preference, it's always important to know what the policy includes and if it suits your requirements. If you are going on a ski holiday for example, be sure to check if your policy covers adventure sports. Also, take note of your insurance policy start and end date as these can be commonly mistaken.

ELIMINATE UNNECESSARY ITEMS IN YOUR INSURANCE COVER  –  It is very important to be covered from all angles for each requirement but make sure you know what you don’t need. For example, does a home in Ireland really need to include Earthquake Cover on its Insurance Policy? You will save a lot of money this way by saving money on what you don’t need.

ALWAYS PROVIDE RELEVANT INFORMATION - Be careful about omitting crucial details when applying for your policy. If you withhold relevant information, (for example, requiring visual aids from driving a motor vehicle), your policy may be invalid and in some cases, you could be criminally charged.

SAVE BY PAYING UPFRONT - Many opt to pay for their insurance policy in installments. Always remember to check first if you will be charged more money to do this as this can be the case a lot of the time.

BE ORGANISED – Get into the habit of keeping records of everything, whether it is financial bills, medical receipts, phone logs, dates, photographic evidence and written communications. Handwritten contracts can even make a huge difference. If you ever have to make a claim, the more proof to outline your situation, the better.

PREVENTION IS BETTER THAN CURE – Mentally relying on your insurance is like overdrawing from your bank account. You should instead avoid any possible issue and take good care of your insured item, whether it’s your phone, car or self. For example, with health insurance, prevent yourself from getting ill and keep your body active. If you don’t require medical attention, it will reduce your monthly premium.