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The very cheapest, cheap insurance, and how to buy it.

Very cheap insurance does exist but the cheapest cover is really just for buyers who can spend a little time on bargain hunting. Cheaper policies - even very, very much cheaper ones come available when insurers offer extremely attractive cut price deals to attract new business. The problem with finding these lowest cost deals is that they usually last for very limited periods but a good price comparison site will list the special offers currently available. Whilst looking for the very cheapest cover, though, there are a few points to bear in mind:

  • Don't accept the renewal from your existing insurer before checking whether you can get a lower price elsewhere - usually, you can.

  • Read the insurance policy before parting with money. There is no point in buying the lowest priced insurance if it doesn't give you the benefits you do need and no point in paying for cover that you don't need.

  • Look out for hidden costs. Insurers can be very good at charging heavily for minor changes to a policy and these can make a really cheap policy into a very expensive one!

  • Check the insurance company's reputation online. Sometimes the lowest cost insurers are bottom of the list for paying out, too.

  • Remember that UK insurers belong to the Insurance Ombudsman Scheme; most cheap foreign insurance companies do not, even though they have to be FSA registered.

So; to find extremely inexpensive cover be clear in your mind just what cover you need, use a good price comparison engine regularly, read the policy and check out the insurer. This way you can be reasonably assured of finding cheaper insurance without making a very big mistake!

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