So for the last few years I had been using an annual multi trip travel insurance plan.
It was just convenient, just there just in case. It would always expire just before my annual trip.
| Year | Company | Type | Amount |
| 2019 |
So with a 6 week Thailand trip coming up soon, I thought I might do a bit of shopping around. It did not take long to find an Insurance plan that offered more coverage for less cost.
I could have shopped around further and knocked off a few more dollars, but I am happy enough with my $xx saving for now.
My old policy was with Covermore. The Annual Multi Trip was for only up to 45 day trips cost $207, only covered $100 in cancellations for an extra $16 charge. Motorbike riding was an extra $17 and access of $250.
My new policy is with QBE. Its Annual Multi Trip allows for 15 days more at 60 days per trip. Costs $42 less, cancellation cover is unlimited, motorbike riding cover is included, and the access payment is $50 less at $200.
Now some may not think $42 is a lot of money, but in Thailand $42 can go a long way.
| Company | Period | Trip Length | Excess | Price | Moped | Cancellation |
| QBE | 1 Year | 60 Days | $200 | $165 | Included Included | Unlimited Included |
| Covermore | 1 Year | 45 Days | $250 | $207 | $1000 extra $17 | $1000 extra $16 |
| Saving | NA | 15 More | $50 Less | $42 Less | Included Included | Unlimited Included |
It always pays to shop around. This was also the case with an internet service provider I had been with for a very long time. I gave them the opportunity to make an offer. I was put through to the retention team and they were unable to offer anything close to what I had found elsewhere.
Now I am enjoying more internet, faster speeds and also paying less money for it.
Car insurance is the same. My father has been a loyal customer for over 30 years. When I become old enough to get a car I went with the same company by default.
Each year the prices went up. I called them up and told them my car is depreciating in value. The customer service rep fed me some standard scripted lines. I let them know I do not believe what they are saying.
Jumped ship to another company and saved around 30%.
From what I have experienced lately is that it does not pay to be loyal to any service company. They no longer look after you. All the specials and discounts are aimed at acquiring new customers.
Old existing customers are never rewarded. Existing customers are not notified when a better but cheaper product becomes available. Even worse most offers are for new customers only.
Chances are if you have been with an existing service company for over a year, you are paying too much. It will pay for you to just shop around a little bit. There are plenty of honeymoon and new customer only offers to take advantage of from the competition.
We are all busy. It is just too easy to continue on with your existing service provider. Give them your credit card and when it’s renewal time it’s automatic.
Quick Tips to getting the Best Price on Service.
- Always shop around.
It is not always possible to compare apples with apples. Just decide on what is important to you. Example lost luggage cover. Ignore what is not relevant Example car hire. - Never set up Auto renew.
Chances are you will be busy, auto renew happens and it’s a couple of months before you even realize it happened. - Never enter your real details or email address into a comparison website
Chances are your information will be sold off and spam and unwanted phone calls will soon follow
Update 2017:
So it has been a year since switching to the QBE Annual Multi Trip $165 policy. So decided to give them a call and enquire how much it would cost to have it renewed.
Was told by the Indian call centre that the terms and conditions have been updated. Also that I can have a 35% discount.
After being on call for 5 minutes. The new price $29. I asked multiple times to confirm if this is the after 35% discount price. So that makes it a $131 price increase since last year. Ok good bye.
After some looking around I discovered NoWorries Insurance and found a comparable policy for $160 a saving of $5 from last year.
The take away again, it always pays to shop around. Insurance companies offer no rewards for loyalty. They are only concerned with getting more customer. All the good offers are only available to new customer to win them over and hope they are to lazy to shop around the following year.
I hope you have found this helpful.
If you have any question or comments let me know below.
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