As a broker, my interest is in you having a good contract over the long term - not in you switching every March. That is why I am writing this article as two lists: when there is a strong case for switching, and when staying put is the better decision. The yardstick is the same in both directions: substance, not mood.
- Switching is worth doing when the new offer is better in substance too - not just cheaper.
- Staying put is a decision too, and often the right one: a well-sized contract with good substance is not worth disturbing.
- The third route is the most common good answer: staying, with adjustments - updating sums insured, swapping optional covers on your existing contract.
When is there a strong case for switching?
Five typical situations: (1) the sums insured in the contract have not matched reality for years, and the insurer's own offer cannot reasonably put that right either; (2) the scope of cover has gaps - your life today is missing liability cover, a relevant optional cover, or an important type of claim; (3) the same substance is available for a meaningfully better price in the comparison; (4) your claims experience was poor, and the reason for it shows up in the terms too; (5) a change in circumstances - moving house, letting the property, a renovation - means the old product no longer fits the situation.
When should you NOT switch?
Four situations where common sense favours staying put: (1) your contract has good substance and is well-sized - switching would not genuinely add value here; (2) the new offer is only better on price, not substance - the hidden cost of cheap cover shows up at claim time; (3) the difference is small, but switching would lose something valuable - a favourable old term, say, or a no-claims discount; (4) a claim is in progress, or the premium is not settled - close that out first, then decide. In these cases, the right move is a review of your existing contract and an adjustment.
How do you decide well? The yardstick
The yardstick for the decision is a substance comparison: sums insured, events covered, limits, deductibles, exclusions, optional covers - and only after that, the price (price vs substance). Two often-forgotten points: what happens to no-claims and other discounts (they do not always carry over when you switch), and any waiting periods on the new contract - ask about both when comparing. This is exactly what the criteria table is for: your existing contract and the new offer, line by line, with strengths and weaknesses. I assess the need and explain the options - the decision is yours. And yes: the answer is often "stay put, but raise your contents sum insured".
Good timing
If the comparison favours switching, there are two proper routes: the March window and renewal - both under the rules in force at the time, and both following the same order: get the new cover in place first, then send the cancellation. You do not have to prepare alone: run the numbers in minutes (in Hungarian), then let's talk it through.
A question about your own home? Run the numbers in minutes with the online calculator (in Hungarian), or book a free 20-minute consultation →
