7 considerations when shopping for insurance cover
Have your information handy when you start your comparison.
08:23 13 May 2013
There’s been a lot talk in the news regarding banking institutions lately, from takeovers to PPI mishandling, to other issues. Many banks offer services such as cheques and savings accounts. Others also offer generic insurance as well.
One of the ways that banks may be trying to gain and retain consumers is by keeping their rates competitive.
Here are some steps to help you make sure you receive the best insurance cover:
- Payments—this is often a crucial consideration for those on a tight budget. Find out what your payment is and if you can receive discounts for making future payments or a lump payment.
- Cover—review the details of your insurance cover to find out exactly what types of things are covered and what are not covered.
- Cover amount—generic insurance typically offers a particular amount so find out what the maximum payout is for the insurance plan and how payments are made.
- Compare—this is where you take advantage of all the media attention on the banking industry. Take the information from the above items and compare with multiple different providers.
- Incentives—some places will offer incentives as part of the insurance deal. Ask if you received any type of incentive when you first signed up, or if you are looking at a different institution find out if they can offer any incentives such as dining discounts or cinema tickets.
- Penalties—before you make any changes find out if there are any penalties or fees associate with such a change.
- Updates—if there have been any changes to your situation are sure to notify your insurance company immediately, and also have the most up-to-date information when calling for quotes.
When comparing different insurance products, be sure to peruse online websites as well. They can occasionally offer excellent pricing and terms.