The price of a policy matters, but comparing premiums alone can overlook decisive differences: coverage, exclusions, excesses, limits, assistance and cancellation terms. Your annual review should begin before the renewal date.
Create a protection inventory
List every insurance policy, the person or property covered, the premium, payment frequency, renewal date, excess and main coverages. Look for duplication between cards, bank accounts, warranties, travel insurance and home policies. Repeated coverage does not always provide double compensation.
EIOPA recommends understanding whether the provider or intermediary offering the product compares the whole market or only selected companies. Comparison websites can help, but they do not always display every option or prioritise your needs.
Compare equivalent documents
Request the product information and policy terms. Compare the same level of coverage, limits and excess; review exclusions, waiting periods and linked services. Ask what the price will be after any initial discount ends.
- Has the risk or insured value changed?
- Is there coverage you no longer need?
- Would the excess be affordable today?
- What procedure and notice period are required for cancellation?
Decide in good time and keep evidence
Do not cancel necessary protection until you have confirmed the replacement coverage and its start date. Use the channel specified in the policy and keep the communication. Withdrawal and cancellation rules depend on the product and how it was purchased.
Recording premiums as annual expenses helps you see their real weight. Kinset can group renewals and compare amounts, while you verify the quality and suitability of the protection.
This content is educational and does not recommend taking out or cancelling any particular policy.