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We take out insurance for many purposes such as house and contents insurance, life insurance, car insurance, pet insurance and sometimes payment protection insurance on our loans. There are many insurance companies available and it can be quite difficult knowing who to choose to insure you. Most people will want to do their best to find the cheapest insurance available as they will not want to pay more than necessary. However, it can be quite difficult to work out which will be the cheapest, but there are various ways that you might want to try.

Financial Advisor

A financial advisor will be able to look at all of the insurance available and let you know which will be the cheapest for you. They are not allowed to take commission in the UK which means that they will have no reason to be biased. However, you will have to pay them and that could be quite a high amount. It will depend on the value of the insurance that you are taking out as to whether you feel that the cost of the financial advisor will be worth it. It really depends on how much money they will be able to save you and whether this will be more or less than they charge. If you save less than they charge then it will not be worth using one.

Insurance Broker

An insurance broker will be able to compare different insurance companies in the same way that a financial advisor will. However, they do not charge to do this but they will take commission from the company that they recommend. This could mean that they will only recommend a company that gives them a decent commission. There is also a chance that they may not look at all insurers only a select few. It can be useful though as you can speak to them and explain your situation, so if you have a specific problem, such as living near a river so being considered a flood risk or having a health condition, you may be able to explain things to them and they may be able to find you more appropriate insurance than you may get otherwise.

Comparison Website

A comparison website will allow you to easily compare the prices of different insurers. It can be easy to use and you will be able to very clearly see which is the cheapest. You will just have to complete your details once and they will come up with prices for a selection of different insurers. They have limitations though. They will usually not show every insurer, although some, such as money saving expert will show as many as they can. This is partly because some insurers will only deal directly with people and not through comparison websites or brokers as this keeps their costs down as they do not pay commission. Also, comparison websites also get paid through commission. So like brokers they may only recommend insurers that give them higher levels of commission and may miss out those that pay very little or none at all. This can mean that you will be limited in the choice that you have. Using a variety of different comparison website will allow you to see more insurers as they will be unlikely to list exactly the same ones.

Your own Research

You can do your own research of course. This will take time though as you will not only have investigated the costs of every insurer, you will firstly have to find out who they all are. A search engine can help you, but you will have to visit every insurer and put in your details for every one for a quote. Not only will this take a lot of time, as once you have found them you will have to fill out all your details on a form to get your quote, but you will also usually have to give your email address for every one and you could end up getting emails form lots of insurers as a result.

It can therefore be a tricky task, to try to investigate the very lowest prices. It could probably be best to look at a selection of comparison websites so that you can get quotes from quite a few companies and then approach some directly for quotes as well. Then you will be able to compare quite a lot of companies and it will allow you to hopefully find a really good price without taking too much time. It will still take up some time though and so you will need to be prepared to make the time. It is worth it as you could end up saving a significant amount of money compared to just using the first insurer that you come across.


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