How to buy cheap insurance (and why you shouldn’t)
Just about every day we are asked if we can “do it a bit cheaper” or “reduce the professional fee charged” or “match the premium I got off the internet”. That always reminds me of an old story:
A cargo ship was built at considerable expense. On its’ maiden voyage the engine stopped and would not restart. The ship was towed back to harbour. The cost of not having business coming in; servicing loans; berthing fees; crew wages and so on was staggering so expert after expert was called in to fix the problem but none could.
Eventually one of the crew suggested to the ship owner that he should call on Old Tom who had a little workshop on the quayside and had been around boats all his life. Old Tom duly arrived with a little canvas tool bag, looked at the engine all over, pulled a small hammer from his tool bag and gently tapped the engine. It immediately burst into life and kept going.
A few days later, the ship owner received an invoice from Old Tom for £10,000. He was shocked. Surely that old guy had done very little for that sort of money? He demanded an itemised account, which came in a few days later. It read:
For tapping engine with hammer: £2.00
For knowing where to tap: £9,998
So, when you buy insurance from Diamond Insurance Consultants, you are not just buying that one policy but also the many years of knowledge, experience and training that have been applied to the selection of that policy with that insurance company providing that cover and that level of service.
Yes, there is cheap insurance available, generally via the internet. 25% of all claims on all types of internet policies fail. That makes it very expensive insurance.