The last couple of years have definitely taught us the importance of being prepared for a rainy day. Although we are fairly confident that very few people out there had “global pandemic” in their lists of things to be ready for in 2020, everything we have seen and been through in recent months have taught us an important lesson in making sure that we have the best coverage that we can find. Whether it’s health insurance, pet insurance, home insurance or travel insurance now that restrictions are back in play, it can seem like there is a never-ending list of assets that we need to protect.
However, when it comes to finding insurance providers, it can be easy to feel overwhelmed quite quickly. There is certainly no shortage of companies out there making big claims about what they can offer, but some of their promises may not hold up to close examination. Sometimes the red flags can be obvious, the kind of warning signs that anyone in their right minds would run a hundred miles from. But sometimes it can be a little harder to tell whether you are actually getting a good deal and whether the policy you are opting for will actually deliver what you think it will. Here are a few things that you need to look out for when you are looking for insurance providers.
Make Sure You Understand The Cost
Let’s start with one of the basics, shall we? One of the most important things to look out for when you are comparing insurance providers is the cost of the cover that you will be paying. There are plenty of providers out there that will charge a low premium, but one of the reasons why they could be charging significantly less than other companies is that their coverage is worse. However, a high monthly premium does not guarantee that you will be better covered. Look at the different ranges of prices that are being offered to see what kind of price you should be looking for and be sure that you can afford to make those monthly payments. If you miss one, then you could be facing penalties or a voided coverage.
Make Sure That You Understand The Coverage
Generally speaking, the rule is that you will get more coverage the more that you pay. However, it is your responsibility to make sure that you read the details of your policy carefully. Each provider needs to clearly list what is and is not covered by their policy to give you all the information that you need, but the flipside of that is that you cannot claim for anything that is not on there. Go through all of the information available to make sure that you know what you can claim for should the worst happen.
One of the most important things to remember on this point is that it is vitally important that you give the insurance provider all the information that they need. If you leave off a condition on a health insurance policy, if you omit an expensive item on your home insurance, or you do not update your provider about any changes, then you not only risk missing out on a payment, but you also risk your policy being voided entirely. You should also make sure that you understand what may void your coverage, as drivers in the UK have recently learned. You need to make sure that you have done everything that you need to on your end so that when you make a claim, the ball is in their court.
Look For A Range Of Options
Following on from the point above, it makes sense to look for a policy that meets your specific needs instead of paying too much for a blanket policy that includes options that you will never use. These tailor-made options can help you to cover a specific area that you may be particularly worried about. For example, during the course of the pandemic a lot of people have discovered just how useful income protection insurance can be. These policies can cover a good chunk of your income should you suddenly be unable to work due to illness, injury, or unemployment.
However, there are different forms of income protection insurance out there and you need to make sure that you take out the one that is applicable to you. Insurance experts Drewberry is dedicated to making sure that their customers find the perfect income protection insurance, whether they are self-employed or a full-time employee, and their expertise and experience can also help with your pension and investment portfolio.
Look For Experience
This is as true for insurance as it is for any significant cost that you are signing up for. When you are looking at the different providers out there, what you want to see is demonstrable experience in helping people in the area that you are interested in.
For example, say you are looking for pet insurance. When you are going through a quote, you will want to see that they understand the kind of health issues that can befall your animal, and yes, Covid-19 should be something you can claim for. It’s not enough to simply give you a quote for vet trips, you want to see details of coverage for everything from hurt limbs to specific illnesses. An experienced insurance provider should be able to demonstrate that they understand the specific issues that you want to be covered for beyond a vague blanket statement.
Look For Good Reviews
Wading into online reviews can be a bit of a tricky proposition. We have all had the experience of checking user feedback before we make a purchase and forgetting all about the bulk of the positive comments because one bad review mentioned the one thing that we were really worried about. When it comes to reviews on insurance sites, you know that the negative reviews are going to be particularly strong because of how personal and serious the topic is. If someone feels like they have had to pay out of pocket when they should not have done, they are going to leave a furious review that will definitely stick in your memory. But how can you tell if that review is indicative of the provider as a whole, or just one person’s bad experience?
The truth is that it is always going to be a bit a gamble, but there are things that you can look for to help you tell the difference. The first step is to see if there are verified reviews. These go a long way to stopping companies from getting up to anything untoward with their positive feedback. The second is to remember that overwhelmingly positive feedback is normally a good sign. People are always going to be more likely to leave a bad review online than a good one and if there are a wealth of customers announcing that they are happy with the service that they have received, that certainly is encouraging. But it is always worth thinking about what red flags you want to be looking out for in particular and going through the reviews to see if anyone has addressed those. Has there been a lot of quibbling about the wording on the policy, for example? Are they bad at getting their payments out on time?
