When can you get the best-priced policies?
From January 2022, new rules were introduced to change the way insurance companies, brokers, and third-party websites are allowed to attract new customers. Gone are the days when insurers could offer incredibly low rates for new customers at the expense of existing customers.
However, that doesn’t mean that you won’t find better insurance premiums by switching insurers. There are still good times to compare and review your insurance policies to get the best price possible.
The key with home insurance is to compare your policy and prices every year. Home insurance often increases by a small percent each year around 5-10% for renewing customers, which is why it’s important to never auto-renew without comparing prices first.
An MSE investigation revealed that the price for home insurance varies with the time you get it too. The investigation found that the best time to get quotes for your home insurance is around three weeks before you need the cover to start. The later you leave it the more expensive it gets, with Martin Lewis explaining that a quote you get on the day before renewal can be double the amount quoted three weeks before. This is because “insurers price on risk, and the people who tend to insure at last minute, tend to be riskier”
When comparing quotes for your home insurance, don’t just insure the house for its value, remember to include the contents of your home too. Underestimating the value of your contents can mean you are only partly insured and at risk should anything happen to your home.
Similarly, to home insurance, the best prices for car insurance can be found when you plan ahead. The best time to renew your car insurance is within 15 to 29 days of your policy renewal date. If you wait until the day before your policy is due to renew, you’ll pay up to 17% more for your car insurance.
According to the research done by money supermarket, car insurance premiums start to rise within eight days of your current policy ending, with the sharpest rise occurring around three days before.
Insuring your art and collectibles insurance is just as important as insuring your car and home. Some collectors choose to include their art, antiques and collectibles in their home insurance and contents policies but this isn’t always the best way. Covering your collection with specialist art insurance is the only way to properly protect your collectibles.
Its best to review your art insurance each year, especially if you are continuously adding to your collection. It’s easy to miss items if you don’t regularly take stock of what you’ve got, which could mean you’re not insured for the full value of your collection. So, we suggest doing an inventory of your collection each year and comparing insurance premiums before your renewal is due.