How to seek and buy insurance

CHECK every year that your insurance policies are still suitable and whether the same level of cover can be bought at a cheaper price from another firm.

IMMUNISE yourself to sales patter by non-financial companies whose main job it is to sell something else – such as estate agents selling home insurance or travel agents pushing holiday cover.

USE a broker to search the wider market for a good deal at the best price. This could be online using a price comparison website or a traditional broker who can offer advice.

KNOW that price comparison websites make profit from insurance sales too. The Competition and Markets Authority, broadly responsible for promoting competition in the UK economy, last week announced it will investigate how switching websites compare products and prices for customers buying home insurance – as well as broadband, credit cards and flights.

FIND help from the British Insurance Brokers’ Association. Executive director Graeme Trudgill says: ‘Customers can benefit from a broker’s firsthand knowledge and experience. Our members are regulated and also operate under our voluntary code of practice for broking and dealing with vulnerable customers.’ To find a broker visit biba.org.uk or call 0370 9501790. ASK a few different insurers directly for a quote if you are uncomfortable buying online. Remember that some companies do not appear on comparison websites, such as Aviva and Direct Line.