Double check and get the discounts
Once you have the results from the screen-scrapers, take down the top three prices provided overall from both. This will show you which insurers have the best attitude to your particular risk profile.
Then go to these providers websites direct to check the policies are suitable and check the quote. At this point you may be able to pay around with the policy excess (the amount you pay towards each claim) and other subtle details to bring down the price.
WARNING!! Monthly home insurance repayments don’t exist.
In reality the company loans you the annual cost and charges you interest on top. Yet the rates are hideous, often much worse even than a high street credit card. This means even if you can’t pay it off in one go (the best move), you’re better repaying on a credit card than making opting for it per month. See Best Card For Purchases
A couple of extra tricks to cut the cost further
At the moment, a couple of providers are offering special cashback deals on insurance premiums, which aren’t factored into the Screenscraper comparisons. Once you’ve got the screenscaper quotes, compare it to how much you’d pay with the following two deals, including cashback and pick the winner.
* Barclays Home Insurance* is promising anyone aged over 25, who hasn’t claimed in two years, that if it can’t beat your renewal quote it’ll match it and give you £50 on top. The only fly in the ointment is the most Barclays will reduce your quote by is £100, so for some it’ll be cheaper to stick with the four-step plan result anyway.
* Post Office Home Insurance* currently gives £50 cashback with every policy taken out, effectively making the premium £50 cheaper than normal. This is only available for new Post Office customers, and they will take back the cash if you cancel within 12 months.
STEP 4: Haggle
There’s no such thing as a fixed price when it comes to insurance. The final step is get on the phone and try and haggle. There is often massive price flexibility, but be fully armed with the cheapest standard quote first.
Always try taking it to your existing insurer and a broker to see if they will beat it, and perhaps try shaving a few extra pounds off by mentioning your best quote.