What to consider before buying Insurance

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What to consider before buying Insurance
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  1. Go round –  There are over 30 insurance companies Nationwide and each has wide variety of coverage’s on all types of insurance. You will need to consider working with a licensed insurance agent (if you don’t have knowledge on insurance) or through an insurance broker instead of buying online directly.
  2. Start with your basic needs – Basic needs like your car, business, home, yourself (Personal Accident) this type of insurance helps in maintaining your existing standard of living. You can also minimize your risk and maximize your savings by buying insurance (Life Insurance) that suit your needs today.
  3. Exclusions – Every insurance policy (Life and General) lists perils that are not covered, which is known as “exclusions”. Ensure you ask your insurance provider/agent/broker to explain the exclusions in the policy. That way, you will understand what the policy covers and what it does not cover before paying the premium.
  4. Review your insurance needs on a yearly basis –  As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since you got auto insurance for your primary vehicle, or perhaps you began to operate a small business out of your home. When you’ve made a change,it’s important to consider whether your policy needs to adapt to new risk exposures. Keep in touch with your insurance provider or broker to stay on top of your insurance needs.
  5. Don’t defer payments – Default of payment is considered a “bad risk”, which can lead to a higher rate. If you decide you don’t want to renew your policy, you should immediately notify the insurer in writing. Keep in mind that switching your insurance provider before your policy is up for renewal may result in a penalty fee for premature cancellation.

 

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