True or False: Are you being charged a Loyalty Tax on your Insurance?
The short answer is, probably not. Insurance premiums do go up every year but would never see this as a Loyalty Tax. You might wonder why your car insurance premium is always going up year on year while the value of your car goes down, this is because the majority of motor vehicle claims are not total losses. The majority of motor vehicle claims require repairs to the vehicle, and the cost of labour and parts are always on the rise. The same can be said of building and tradespeople who assist when there’s an incident with your home or business, and in most cases you are entitled to replacement of your business or home’s contents so the cost of those premiums are always on the rise to cover the increasing cost of these items as well.
The benefit of having an insurance broker looking after you is that we will ensure you are never hit with a “Loyalty Tax”. If your premium has gone up for no apparent reason and the increase is well above industry standards, we will question your current insurance provider to see if this can be brought down, and we will do the work of finding alternative quotes to see if there’s a better option available to you, while remaining on a quality insurance product.
We pride ourselves on providing expert advice at the right price, if you feel that you are paying too much for insurance but you’re tired of constantly having to shop around and talk to direct insurance companies year after year, why not try an insurance broker and see what we can do for you.