Insurance premiums are set to rise as a result of a spate of natural disasters, the high cost of building materials and supply chain-driven increases in the cost of motor vehicle spare parts. The upshot is that there has never been a more important time to look for value in your insurer.
Budget Direct has been named Money’s 2023 Insurer of the Year – for the seventh time.
Jonathan Kerr, chief growth officer at Auto & General, the brand’s underwriter, says that while value and features are always a plus for consumers, it’s important to look for an insurer who makes life easy at claim time.
As premiums rise, Mr Kerr has a few tips for consumers aiming to manage cost increases. “They should look to tailor cover to best meet their needs,” he says and suggests you look at variable excess, limiting the kilometres you drive and limiting cover to drivers over a certain age.
“It’s always good to make sure you are only paying for cover and features you will actually make use of.”
Money’s 2003 bank of the year award went to Macquarie Bank.
Do you routinely shop around for the best – and most economical – cover?
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