The insurance market in Ireland and around the world can change all the time. Because of this for almost every type of insurance policy from home and car to mortgage and payment protection insurance you can save a lot of money by shopping around for the best quotes that are more affordable for you.
Typically a lot of different types of insurance require you as the policy holder to renew them annually. These insurance providers for policies such as health, car, general liability, and home insurance usually have to provide you advanced notice that your insurance plan will be renewed. This advanced notice gives you the chance to start shopping around for a new and better policy if you are no longer satisfied with your current insurance provider.
How do I Shop Around?
There are two ways that people looking for insurance typically find a provider. The first is to purchase insurance through an insurance company directly. The second is to find an insurance company through a broker. It is possible for you to pay a different premium for the same policy through the same company depending on whether or not you paid for the insurance directly or through a broker. This is because brokers might be able to provide you with some kind of special deal through their connections with various insurance providers.
When looking for a quote you can usually get them online or through the phone. Buying insurance online is usually the better option, as the costs for arrangement are usually lower and you may be able to get a special rate.
When you are shopping around remember to try and bargain when appropriate. If you can find a good quote from another company you can use that bargaining chip as a way to influence your current provider and see i they are willing to match the other provider’s offer in order to keep you as a customer. But, keep in mind that when yu are out getting wuotes they will only be valid for a certain period of time.
What Information am I Entitle to?
When getting an insurance quote in Ireland there is certain information insurance providers are required to provide you with. According to the Central Banks Consumer Protection Code insurance firms are required to:
- Inform you how long their quote is valid.
- Make sure you are aware of any special conditions or restrictions that apply to the cover they are offering you.
- Tell you about any discounts that apply or any extra premium being charged.
- Tell you that you must give accurate and complete information for any claim you make. For example, if you tell your insurer you do not smoke when in truth you do, it may affect your claim.
- Issue documentation concerning your policy within 10 business days of providing you with cover.
What Questions Should I Ask?
When shopping around for an insurance quote it is important to keep in mind certain questions you may want to ask to make sure you are getting the best coverage. These questions include:
- What will best meets my needs in terms of the type and level of coverage?
- Does my broker provide extra services, such as help with making claims?
- What fee will I be charged by my broker? Will the fee take the place of commission or will they also receive a commission?
- Is it possible to get a lower quote by dealing directly with the insurance company?
- Do I qualify for any discounts?
- Can I reduce my premium if I choose a larger excess?
- What is included in the policy and what is excluded?