Insurance: save money
You may need insurance cover for many circumstances in your life, from house insurance for your home and its contents to 
holiday insurance (medical cover and insuring your belongings).
In some cases insurance will be legally obligatory, such as if you drive a car. Or a bank or building society may insist before giving you a mortgage that you also have cover such as mortgage protection insurance.
If you already have a particular insurance policy, as a consumer you are entitled to switch to a new provider at any time. And making that switch can lead to significant savings or much more suitable cover.
How do I find a cheaper insurance policy?
The first thing to do is to get as many quotes as you can from as many companies as possible, and from as many sources as you can - in person, by phone or online.
When should I start shopping around?
At any time, though many consumers find it more convenient to start doing this towards the end of an annual policy. For motor insurance, your existing insurance company must give you a renewal notice at least three weeks (15 working days) before your policy ends.
The renewal notice should give details of any no-claims discount you have, so that you have enough information about what your renewed policy would be like.
Where do I look?
The two main ways of buying insurance are:
- Directly from an insurance company
- Through an "intermediary" such as a broker
You can buy insurance in person or over the phone, or via a website. Premiums can vary a lot depending not just on the insurer but on how you buy the cover. For example, there may be special rates if you buy online.
Also don't forget to find out more information through price comparison websites and our consumer financial information website itsyourmoney.ie.
What kind of questions should I be asking?
You should work out what type of policy you need. Then ask what discounts and loadings may apply in your case, and whether you continue to get the benefit of a full no-claims discount if you switch.
Always read the small print in the new deal's terms and conditions to see what is covered and any exclusions that may apply. These clauses are very important - never assume that just because you have taken out an insurance policy that it will cover every eventuality. It never does.
Make sure with home contents insurance, for example, that you are covered for the things that are important to you, such as a music or book collection, or an expensive set of tools stored in your garage. If the policy says there is a maximum value for any one item but you have certain things that are worth more than this maximum, tell the lender or broker to adjust the policy to cover these valuables.
If they let you pay in instalments, is it more expensive than paying upfront at the start of the policy?
Generally speaking, yes. Take a note of how much extra you would be paying if you did go for instalments. Under consumer law the insurer or broker must tell you the cost of credit and the policy's APR (annual percentage rate), which allows you to compare costs of different packages and providers.
So I have a great new quote. Then I switch?
Not necessarily. Take some time to think through the options before making any decision. You're under no obligation to buy a product after getting quotations from an insurer or broker. Check the policy's terms and conditions very carefully.
And don't forget to bargain with your existing insurer, as they may agree to match or even beat another quote to keep your business.
What kind of information do I have to tell the new insurer?
Anything that may be relevant. If you withhold relevant information, your policy may be invalid and your insurer may be entitled to refuse a subsequent claim. So if in doubt about anything, always disclose it. Never try to reduce your premium by keeping relevant information from your broker or insurance company. For example, when looking for car insurance you should tell them about any previous accidents or driving offences.
And don't be tempted to underinsure just to get a lower premium. Any subsequent claim you make will be reduced accordingly. Don't overestimate either. If you overestimate the value of your car, say, and it's then stolen, the insurance company will only pay you what it considers to be the car's market value at the time of the loss.
Are there any other things I can do to cut down on my car insurance?
You have to have at least third party cover if you drive a car, and you must renew this insurance each year. But even if you stick with the same insurance company there may be other ways to make savings:
- If you are a younger driver in particular, you might reduce your premiums by switching to a lower value car or one with a smaller engine
- Never let anyone else use your car unless you are absolutely sure they are insured to drive it. This could turn out to be very costlyand there could be legal consequences
- You may be part of a group insurance scheme (for example, through your job). In this case you may get better value through the scheme rather than as an individual buyer, so check this out first
Learn more
Check out our consumer financial information website itsyourmoney.ie. It publishes regular cost surveys on home, car and life insurance, to help you find the best value, and also has useful guides about insurance policies.
Read more about typical consumer problems and your rights when buying home insurance
Find out about the Finance Ombudsman's complaints procedures if you have trouble switching insurers