With insurance premiums continuing to rise, it is important to get all the help you can to find the right policy at the right price. It is also important to be able to trust the company that you deal with.
In September last year, The Competition and Markets Authority (CMA) launched an investigation into the use of the ‘Most Favoured Nation Clause’ often used by price comparison websites. This clause restricts insurers from being able to offer a better policy price elsewhere, which potentially means customers are losing out on getting the cheapest deals.
The first phase of the investigation was completed in March, when the CMA decided to extend their information gathering until September. While this investigation relates to home insurance, a previous case focused on private motor insurance, which in 2014 identified remedies to improve competition prevented by this clause.
Whatever the outcome of this investigation, it does highlight the importance of thorough research to find good deals. The best price for the policy you need might not be offered everywhere that it is available to purchase.
Trusting your insurance renewal
To make sure you get the best price for the cover you need, there are a few things that you can do.
- Follow best practice to be lower risk. If you are deemed a lower risk, your premium should be reduced. This might mean anything from having additional security features on your home or car to or specific IT processes or training in place for Cyber liability insurance.
- Build up no claims discounts. Generally you can save money on your premium by having a number of consecutive claims-free years.
- Balance your excess with policy price. If you increase your excess, your premium should go down, and vice versa. Choose the maximum excess value you or your practice are comfortable with that takes your premium to an acceptable level.
- Don’t just accept your renewal quote. We’ve spoken a few times about how often the best deals are available to new customers, and not existing ones. With that in mind it is prudent to shop around at each renewal period.
- Look for independently verified feedback. At All Med Pro, we pride ourselves on our knowledge and excellent customer service. We build trust with our clients. But don’t just take our word for it – hear from our customers in our independently verified feedback through Feefo.
“Knowledgeable, friendly staff. Able to quickly identify the best product for my needs at a competitive price.” Anthony Peter Mead
“Very lovely staff , helpful and patient” Banica, Otilia
Working with a trusted broker
The best way for you to be comfortable with your insurance policy is to work with a good broker. Finding a broker to partner with that you can trust has your best interests at heart is vital in your quest to finding the right insurance, at the best price, without the hours of legwork.
A broker can help you answer some of the difficult questions insurers ask and often can give you guidance on ways to lower your premium.
When you need specialist insurance, like medical and dental laboratory insurance, niche policies at good prices can often be hard to find. A specialist broker, however, usually has access to dedicated policies for those specific needs. And when an insurer specialises in a particular cover, your broker can often get you a much better price than when you go to a general insurer.
Governed by stringent regulations, brokers are duty bound to find you insurance cover that is suitable for you, and ensure you understand the small print and your obligations. This, along with the personal touch of talking through your situation with a person, is what medical professionals value most about working with a broker.