Smart Choice Accountancy

How to choose insurance company in the UK?

The UK has one of the biggest insurance markets in the world, after Japan and the US. Which means than while buying an insurance, you may face some dilemma – there are tons of companies offering such services, the insurance can be purchased even in a supermarket or online. How to choose insurance company?

Firstly – compare

To find the most suitable offer, you need first to compare dozens, if not several dozens of options proposed by various insurers. It is best to go to an agent, that co-operates with numerous companies. The advisor will prepare for you the sheet of offers – for instance in the form of a table – and you will be able to compare them when it comes to prices, terms, clauses of exclusions etc.

Secondly – check the company’s credibility

Before you start to look at the offer, review the insurer itself. It is important that the insurance company is credible – in the end you confide it your money and life, family, house insurance. A solid and trustworthy firm will have its own webpage with contact details and number of entrance to the FCA registry, which is Financial Evidence Register.

This public register holds companies, individuals or institutions that are regulated by Prudential Regulation Authority or Financial Conduct Authority. You can double check on your own, if the entity is in the register, by going to FCA also lists brokers – it is worth to confirm if a given broker is registered, to be sure to receive thoroughly checked out recommendations of insurers.

Thirdly – pay attention to experience

Insurances are products bought for long years. It is recommended that a given insurance company have what it takes to be in the business in the long run. Going bankrupt or closing of the company would leave you with quite a trouble. Find out since when the company has been operating. Due to the high popularity of insurances in the UK, there are many firms that turn out to be some ephemeral creations – they open for a while and then disappear. Don’t trust a newly established company, rely on prestigious and checked insurers, that have been in the business for many years. When it comes to brokers, you can go to those relatively new on the market – sometimes they have a more fresh sight, bigger enthusiasm to work and better keep up with trends than “old stagers”.

Fourthly – read opinions

Surely you will find many reviews in the Internet on long-standing and well-known companies and brokers. Read them but retain a dose of doubt – usually if someone places opinion online, he is not satisfied from the service, as positive experiences are poor motivation for people to speak up. If you won’t find any review at all – be careful, it is highly suspicious.

Fifthly – ask good questions

When you already know that a given broker is the most suitable for you, ask for valuation and find out as much as you can about an offered insurance package. Don’t refrain from asking questions – about exclusion clauses, additional features to add, if it is better to have a single insurance or common one with your partner, if the company has claims desk to help you in cases of turning down your insurance payment and so on. Better to ask the way than to go astray.

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