Why do people generally go for the cheapest buy?
To save money of course!
We all want a bargain.. and we all look for the best deal.
So for example, when we look to buy, say, a pair of Adidas trainers we know it will be exactly the same whether we buy it online, through amazon or via a shop.
It is natural to go for the cheapest as the product is homogeneous.
Now let’s take this concept into insurance.
If someone is looking to buy, say, Landlords Insurance they may seek a number of quotes.
I suspect that number will all differ in cover.
For example:
- Some may exclude accidental damage
- Some may exclude subsidence
- Some may exclude flood cover
- Some may have higher excess (in order to get the price down)
- Some may exclude Loss of Rent
So you see there can be many variations on a theme because insurance, in general, is not a homogeneous product.
Therefore, when you do buy cheapest (in insurance), the chances are you will be getting less cover (in order to obtain the cheapest price).
So will you still go for the cheapest?
To make sure you are fully protected, give our Property Team a call on 0207 731 3700 to discuss or drop us an email.
