From time to time I come across insurance companies who advertise a special offer in which they guarantee to beat any insurance quote. What I tend to see is a catchy slogan on an advert which might say something along the lines of:

If you find a cheaper landlord insurance quote, we will beat it – guaranteed

Ignore the fact that I mention landlords insurance quotes as this is the same format used in respect of any type of insurance. Whether you are a customer or not, please read on so you are not caught out by these types of offers.

When you delve into the terms and conditions of such offers, you will see that your two quotes must match in every way (except for the price obviously). Every insurer is different so it is very unlikely you will get a quote on an exact like for like basis. In the example of landlord insurance, check the insurer to see if they offer malicious damage by the tenants. Some do, some don’t. Now look at some other types of cover like subsidence cover, glass cover, etc. You will be lucky to fulfil this part of the guarantee deal.

The insurer offering the deal may encourage you to take out the policy at the higher price with the prospect of getting the difference in money back after the alternative quote has been verified. You will normally have to get a written quote from the other insurer and then post it to your new insurer only for them to turn around and say it is not for the same cover or excess. By this time it is too late to change your mind and you end up paying the higher price.

If you are looking for the cheapest quote then shop around by all means but ignore such offers as they are usually more hassle than it’s worth. Just take out the cover with the company of the quote you were trying to beat!