7 Mistakes Which Could Cost You With Insurance

Shopping around, or using a specialist insurance broker could save you a fortune when it comes to insurance, but there are tons of mistakes people make which actually cost them money. In most cases, these mistakes could have been easily avoided.

Insurance Revolution have put together a list of our top insurance mistakes which could cost you:

Not getting an insurance quote prior to buying a new car

Whenever possible, it’s advisable that you get an insurance quote before you sign on the dotted line and buy a new car. Every car comes with a different insurance rating, and the motor of your dreams may just be too expensive to run in real life, so do the sensible thing and get a quote before you buy.

Not reviewing your policy at renewal

You’d be surprised at how many people don’t bother shopping around for insurance quotes when their current policy is up for renewal. We understand that it’s quicker and easier to renew your car insurance with the same insurer, but chances are doing this will not get you the best deal. It’s best to shop around just in case – you could save a bundle!

Not being honest on your application

We know how tempting it can be to lie on your insurance application, especially if you’ve got a driving conviction on your license. However, we strongly advise that you remain 100% honest when filling out an insurance application, as failure to disclose relevant information could result in a hefty fine, and even another conviction.

insurance 1487037411 7 Mistakes Which Could Cost You With Insurance

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Ignoring extras

Many people completely ignore extras when comparing insurance premiums, choosing to just look at the overall price instead. While this may seem like a clever way to avoid being ‘sucked in’ by deal-sweeteners, many insurers actually include some pretty amazing extras into their policies. So next time you’re comparing insurers, look at the full package that they’re offering, rather than just the overall prices.

Fronting

Did you know that fronting is actually illegal? If you don’t know what fronting is, it’s a term used to describe parents who insure a car under their own name and register their child as a named driver, but it’s the child who drives the car the majority of the time. This is actually fraud, and if you’re caught, you could end up with a hefty fine and a criminal record.

Not paying attention to multi-policy discounts

In some cases, it’s possible to get a multi-policy discount if you choose to insure your home, life and auto insurance. Before you take out a new insurance policy, ask about multi-policy discounts – you could end up saving a hefty amount!

Only using the larger insurers

Here at Insurance Revolution, we believe that you can sometimes get a great deal by using the larger insurers. However, many times it’s actually the smaller, more specialised insurance companies that offer the best deals for your circumstances. For example, if you’ve been convicted of drink driving, you may have been turned down by some of the larger insurers, but there are insurers out there that actually specialise in this type of insurance, so you can get a better deal.

Jesse Fin
 

Jesse worked as a journalist for a large tv station in Korea in her past life. She now works full time at home as a blogger and loves to help her friends manage their personal budgets.

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