If you need insurance, where do you go? Most people head to compare the meerkats and type all their details into the site. It searches loads of companies and brings you back the best deal - or so you're told. So you click through and buy your policy. We won't get into the argument that not all insurances are created equal, but what if you could save even more by not bothering with the comparison sites at all? Well according to Money expert Martin Lewis, that is precisely what you need to do.
"You might be able to save even more money by speaking to them directly instead - and it could save you hundreds of pounds over the year. Comparison sites may also miss special offers that can only be taken out by through the provider." - Hollie Borland
Most insurance companies will pull you in with a cheap deal, which may have been years ago, but will pray on the fact you are unlikely to shop around and begin to raise the price. They believe you won't be bothered to compare their quote with others, and in some instances, this can be hundreds of pounds more than it should be.
A recent Citizens Advice investigation found that this practice is rife in the UK, and customers loyalty to companies is worth next to nothing in the modern age. "The investigation also found that vulnerable people, such as the elderly and those on a low income, may be more at risk of paying the loyalty penalty," said Hollie Borland writing for the Sun. Found in many situations, even if you want to stay with your current provider, you were much better off taking a new quote than the renewal offered.
These types of practices are entirely dedicated to making more money and not in the customers best interests. All of our policies are designed so you get the best possible price, it doesn’t matter if you are a new or old customer, you’re all important to us. Charging a customer more, just because you can, is entirely unethical - and a significant driving force for each new product we take to market.
Stop comparing the market and see what we can do for you.
Mark Bates Ltd