I hate the term 'cheap insurance'. In fact I hate the term 'cheap' generally. To me the word means inferior, basic and low quality. So why then do some clients ask me 'Is that the cheapest?'
I think people have been trained to shop around for the 'cheapest' quotation every year. Consumer programmes on the television are constantly advising we shop around for the best price. Unfortunately though they seem to forget about the old adage 'you get what you pay for', and they seem to totally miss the point about making sure that your new insurer will deal with a claim in a fast and efficient manner. That is ultimately why we buy insurance after all.
I think that this mind set is what has in turn lead on to the insurance industry always being put down for not wanting to settle claims. A friend of mine was recently moaning about his direct insurer having taken 3 weeks to provide him with a courtesy car following his car catching fire. Obviously having been in the industry for too many years, I always knew that would be the case. But he had regularly shopped around for the 'cheapest' policy - and now he needed it, it did indeed turn out to be the 'cheapest' for a reason.
It was scenarios similar to this that helped me to decide to specialise in High Net Worth Insurance. Yes, sometimes it does cost more than direct insurers premiums - but I can put my hand on my heart when I sell a client a policy, that should they ever need to claim, then they will be looked after brilliantly!
When building an extension, most people get 3 or so estimates, and decide to go with one of the middle estimates. Why then do they not apply this common sense to insuring their whole house?
if you think a professional is exspensive, wait 'til you try an amateur...