Good Advice

Tips for buying insurance

Great tips when taking out insurance

It’s important to check your coverage each year when you renew your insurance, or whenever your circumstances change.
  1. Have an emergency fund. Having some money of your own available for emergencies means you can take on some of the insurance risk yourself. This way you can reduce the cost of insurance.
  2. Choose the right excess. When choosing a high excess, the premium will be lower, because the insurer is covering less of the cost. But the trade-off is that you’ll also have to pay more for each claim. It’s good to choose a policy excess that matches the point at which it would become a struggle to make the payment.
  3. Be honest: By law you must give all information requested by the insurer. Leaving any important information out could risk future claims being turned down.
  4. Read the policy carefully. You need to understand what is, and isn’t, covered by the policy. It’s important to take the time to check it and ask the insurer to explain anything that isn’t clear.
  5. Don’t double up. Some of us already have some types of insurance – for example through work or as part of a loan agreement.
  6. Shop around. It pays to get a range of quotes and compare, looking closely at what is and isn’t included by each policy.
  7. Combine insurance. Buying as much insurance as possible from one company can save money, so it’s good to consider the options and see what’s best for you. As always, you need to consider the product and price to gauge if it’s worth it.
  8. Look for an insurer with a good credit rating. The higher the rating, the more certain you can be about the company’s ability to pay claims and be around for the long term.
  9. Take precautions. There are things you can do to your home and car, such as installing an alarm, which can reduce the premiums you pay.

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