The Lagarde law of 2010 opened to the competition the borrower insurance within the framework of a mortgage. What save money on the cost of its loan through a specialized broker. Explanations.
With the opening of the bank credit insurance market to competition since 2010 and the Lagarde law, the real estate broker, loan experts have identified significant price disparities according to the delegations of insurance of mortgages.
Indeed, the choice of borrower insurance is a key element to negotiate when setting up a home loan. By choosing a delegation of insurance, which is on average 40% cheaper than a group insurance offered by the bank, the borrower can realize significant savings on the overall cost of his mortgage.
Applying rate according to profession
However, the choice between different individual contracts is not easy. loan experts notes, for example, a strong disparity between insurance delegations proposed by insurance companies: it is possible to achieve up to 43% savings from one delegation to another depending on the insurer’s choice. , according to the broker.
Each insurance company applies a preferential rate according to the profession, the age group and the amount of the loan it wishes to capture, hence the importance of using a broker, who carries out a comparative study with each request for insurance. loan and selects the most suitable contract for the borrower’s profile, at the best price and with guarantees at least equal to those stipulated in the group contract of the bank issuing the loan offer.
The latest comparative study conducted by loan experts in September 2012 with its partner insurance companies reveals significant differences in tariff costs, with identical guarantees, between insurance delegations.
Illustration of savings made according to borrower insurance
For example: a 40-year-old man who borrows € 100,000 over 15 years for the purchase of a principal residence and who must take out a Total / Irreversible Death / Loss of Autonomy / Temporary and Total Incapacity Guarantee as soon as possible. the 91 st day and Total Permanent Disability obtains different price conditions according to the companies questioned:
The cheapest insurance delegation, with identical guarantees, comes out at a rate of 0.166% of the outstanding capital, which represents a total insurance cost of € 2,490. While the average rate of the most expensive insurance delegation is 0.29% which represents a total insurance cost of € 4,350. In this example, the saving is € 1,860 on the total cost of insurance, ie 43% savings.