23 Feb 2018
Posted by Barry Aldworth 
Come renewal time many of us will make the decision to switch provider for our home or car insurance. However, one policy very few of us look to switch is our mortgage protection and over the life of the policy switching could potentially save you thousands of euro.
If you have a mortgage then you probably have mortgage protection. However, as most people feel obliged to purchase their cover from their mortgage provider, you may not be getting the best deal. Just with all insurance products, shopping around is key!
How am I overpaying?
The process of getting a mortgage can be an exhausting one and anyone who has been through it will remember the panic and sleepless nights it caused. With mounds of paperwork to wade through just to arrange the mortgage, for most people when they find out that their bank provides mortgage protection it seems so much easier to take their cover and allow your provider handle the paperwork.
While it can certainly appear more convenient to take out mortgage protection with your mortgage provider, there’s no guarantee that their cover is the most affordable. In fact, by taking cover from your bank you could be missing out on more affordable options which could save you a significant amount over the life of your policy.
Is it too late to switch?
In short, no! No matter how long is left in the life of your mortgage protection policy, it’s never too late to shop around and get the best price for you. In even better news, your new mortgage protection provider will be able to help you through the switching process, it’s as easy as one, two, three:
- Get your new, cheaper policy in place
- Assign your new policy to your mortgage provider
- Cancel your old policy
According to recent research the average homeowner could save almost €200 a year by switching. Over the term of your policy this could add up to big savings!
How do I know if switching is right for me?
Shop around and compare what other prices are out there to see if switching is right for you. While some people may already have the most affordable cover in place, many people won’t. To help make this easier for you our Quick Quote system will allow you to get a quote for your mortgage protection in just two minutes.
Thinking about changing? If you switch to AA Mortgage Protection and take out Home insurance within three months we’ll pay you €200 cash back.
