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The Cheapest Isn’t Always The Cheapest

I’ve said this before but make sure you take a look if the insurance company you’re about to buy from online is also on a cashback site.

Our home insurance renewal came through, as did my business insurance one.

For our home insurance, I had the renewal in my hand but also did a quick compare the meerkat to get a ballpark figure and see who was coming out cheapest. Then I looked on Quidco to see what cashback rates they were offering. A ‘basic’ insurance cover was around and about £100 but that company wasn’t on the cashback site. When I eventually worked through some companies I discovered that the cheapest, especially for the cover that we get, was a quote of £160 for low excess and emergency home cover included, when you take cashback into consideration. With £75 cashback the price of insurance is £85 for full buildings and contents as well as that emergency home cover, all from a company I’ve heard of.

For the business insurance, I had a look on the Quidco to see what business insurance companies they deal with. One of these companies was lowest on my home insurance premium but had barely any cashback, however, for business insurance had £75 cashback. After going through their site the price was coming out at £20 cheaper than my renewal price and then the £75 on top. This means I’m hopefully going to get £150 cashback (which has tracked in my account, always a good sign!) which more than covers one of the insurance premiums.

I hardly ever stick with a company for a renewal these days – one exception was Direct Line for my car insurance which was cheaper than anywhere else even when you added cashback into the equation.

My message here is to try and get a new customer deal with a company that also offers a decent amount of cashback. Obviously don’t get a premium which isn’t right for you just because it has cashback offered.

Don’t do this if you can’t afford to pay the initial amount. Cashback isn’t always guaranteed and it comes with its own set of Ts&Cs. I’ve previously had cashback denied so you need to weigh up the risk verses reward.

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