22nd July 2014
SAVINGS ON LIFE COVER AND MORTGAGE PROTECTION ARE MORE THAN DOUBLE THAT OF HOME INSURANCE
It was one of the lead stories on Morning Ireland; it was featured prominently in all of the national newspapers; radio hosts gave it ample coverage on morning, lunchtime and evening radio. In fact, it was ranking alongside Gaza and MH17 in terms of mainstream media coverage. The story? A National Consumer Agency survey detailing how consumers could save up to €400 per annum by switching house insurance.
"consumers also need to be reminded that savings of over double that can be made each year by switching providers for income protection and life cover"
I was completely taken aback at the level and ranking of the story in the media. They say summer is the silly season for the media and full of slow news days but on a day when the Ukrainian plane crash and the crisis in Gaza was reaching its worst moments, even I as an insurance broker, was wondering just how much the house insurance savings story merited such lead coverage.
Don't get me wrong. The National Consumer Agency survey is very welcome indeed. Highlighting in such a detailed and authoritative way the savings that consumers can make is always to be welcomed from the insurance industry. But consumers also need to be reminded that savings of over double that can be made each year by switching providers for income protection and life cover.
By guaranteeing the lowest quote, we've proven at Low.ie that consumers can make annual savings of up to €1,000 just by switching provide.
But life insurance just isn't seen in the same light. Even though it's now easier, more flexible and efficient to switch online by using Low.ie and others, the focus will always, it seems, switch to other areas, even where the savings are considerably less.
“Combining these findings with the results of our insurance comparison indicates that many consumers may be needlessly paying more for their cover,” stated Fergal O'Leary, the agency’s director of consumer contacts and insights on Tuesday.
The same sentiments, it must remembered, also apply to other areas of insurance.