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Finding insurance - the new frontier

As with all things modern, the way we do things changes over time - including how we get insurance.

Long gone are the traditional methods of randomly phoning around to get quotes on your insurance. Not only is this a very time consuming exercise but there is no guarantee you'll get the best deal or product that's right for you.

Using an established or traditional broker is one way of comparing the market, but even that has its drawbacks. Brokers tend to associate themselves with a panel of well known companies, and although they may get improved rates for their clients, you might pay more in the long run as the broker will want his share of the new business in the form of a commission.

Speak to friends, neighbours and family members and see who they use for insurance. ‘Word of mouth' recommendations are a good starting point.

Check your existing insurances - you might be surprised to find out that you already have in place such things as breakdown cover etc.

The modern and simplest method for finding insurance is to use comparison websites. There are many to choose from.

These will give you a measured feel for the market and approximate costs for your insurance, whatever that may be - car, home, travel etc.

Make sure you are happy with what has been input and get the results - take the top five results and get on the telephone direct to the company to try and push down the price even further! Remember - comparison websites are a modern day brokerage and they get their fee for any new business that is generated through their website.

Watch out for expensive premium phone lines as this can make calling expensive. Always check to see if there is another standard line that can be used - try websites such as www.saynoto0870.com

When you phone the top five insurers be prepared to haggle - you'll be surprised at what can be achieved. Don't feel guilty about trying to play off insurance companies against one another. The UK insurance market is big business and competition is fierce. They want your business and most are prepared to undercut their rivals.

Some well-known insurers deliberately disassociate themselves with comparison websites, so in theory there could be further savings to be made if you contact them directly.

Finally, try to call (if you can) in the evening or better still, at the end of the month as insurance companies have targets to meet and one-off deals can sometimes be made! Play the system to your advantage and never be afraid to ask for the best possible deal. If they can't accommodate you try another company who will.

Source: Time For Money