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If you’ve ever compared insurance quotes and wondered why the prices vary so much, you’re not alone. It’s common to receive several quotes that all appear to offer similar cover, but with very different premiums.  

So, why does this happen?

The simple answer is that not all insurance policies are the same.

Whilst two quotes may both say they cover your business, vehicle or property, the details behind them can be very different. Each insurer will have their own approach to assessing risk, calculating premiums and deciding what they are prepared to cover.

Some differences may be obvious, such as the level of excess you would need to pay in the event of a claim. Other differences may be hidden deeper within the policy wording, including exclusions, conditions or lower cover limits.

For businesses, these details can make a huge difference. One policy may include important features as standard, while another may require additional cover to be added separately. A cheaper quote may look attractive initially but might not provide the protection your organisation actually needs.

Insurance providers also look at many factors when calculating premiums. Your claims history, business activities, turnover, location, security measures, number of employees and the way you operate can all influence the final policy price.  This is why comparing insurance isn’t always straightforward. It’s rarely a case of simply choosing between identical products at different prices, which is why using an experienced insurance broker can help.

A knowledgeable broker, like the team at Prizm Solutions can help you understand what sits behind each quote. They can compare not only the premium but also the cover, limits, exclusions and suitability for your individual circumstances.  At Prizm, we’ll also take the time to find out about you and your business, so we can find a policy that exactly meets your specific needs. 

The aim isn’t just to find insurance – it’s to find the right insurance for your personal circumstances or bespoke business needs.   After all, if you ever need to make a claim, the most important question won’t be how much you saved on your premium - it will be whether your policy provides the protection you expected.

Prizm Solutions offers a whole range of insurances, for personal and business circumstances.  From Household Insurance and Annual Travel Insurance, to Public Liability Insurance and Professional Indemnity Insurance – so, if you need any help with anything to do with insurance, please get in touch.