Comparing prices is only part of it
Buying insurance requires reading the fine print - as although policies covering the same risk may appear similar, details may differ and not suit individuals' needs. A policy perfect for one person may not suit another. For example, a motorist who drives more than average may need special car insurance or a traveller engaging in high-risk acitivies may need extra cover.
Make time to compare
ING senior economist Ian Bright weighed up pros and cons of shopping around for insurance in a blog post for eZonomics. Bright described how renewing his car insurance took his spare time for several days because he read the fine print of several different policies before agreeing a new contract. While he secured a better deal, the time cost may be too high for some. Bright writes that cheaper is not always better, as he valued getting a policy that best suited his needs as top priority with price a secondary consideration.
It might be a good idea to leave plenty of time to avoid being rushed into making a decision, allowing both price and service details to be compared.