How doing nothing can cost you hundreds

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I’m always astounded at how easily people throw away hundreds of pounds or sometimes thousands, just because of the perceived hassle of sorting out insurance renewal.

At LIFT-Insurance our clients are generally very wealthy - sports professionals and other high earners, but I’ve yet to meet one who is happy to spend money they don’t need to.

I understand the temptation to go with the renewal offered on your existing insurance policy and be done with it for another year. But pause before you do as a few minutes research could save you a lot of money.

Here’s an example.

New Client X got in touch with me via a shared connection. He has two properties and had been with the same insurer for several years. The broker got in touch at renewal time and advised him to stay with the same insurer despite a £400 premium increase with no change in circumstances. 

We took a look at his existing policies and carried out a comparison quote for him, which ended up saving him 27%. Not only that but the cover he got through us was much more comprehensive. A few minutes on the phone and he was better off financially and better protected.

Going with a suggested renewal from your existing broker can have other risks. Some less than ethical brokers may say they’ve scoured the market for you at renewal when in fact they haven’t. I have a long list of examples where people have come to me saying their broker has checked the market and X quote is the best when in fact no such check has been done. We can verify whether each insurer has been asked to quote or not and can feed this back to you. 

If your insurance renewal price has gone up, get in touch and we’ll run some checks for you. You might also like to compare your quote with ours to see if it’s competitive or to see whether your cover is sufficient. Either way, it’s a really easy process so do please get in touch. 
 

Paul Fielding – Latest Blog Posts

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