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What Insurance Companies Don't Tell You

Author : Dakota Lindal

If not managed correctly, your insurance can turn into a total nightmare. If you do not know what you're doing when taking out insurance, you can easily be taken for a ride by insurance companies. Luckily this is more the exception rather than a rule, but some companies are only out there to make money. They might be charging you a ridiculous amount for a below-standard policy. This can be avoided by asking insurance companies a couple of simple questions:

What will this policy cover? Never assume that your policy will offer complete cover! If you're looking for the cheapest car insurance package available, you might receive a liability insurance policy or a third party insurance policy. The first policy will only cover injuries (not damages!), and the second policy will protect the other party when you cause an accident, but your damages and injuries won't be covered. Sure you would have saved a bit of money on your monthly premiums, but now you're stuck with a monthly payment on a car that's lying on its roof in the scrap yard! Is it really worth it? Make sure that you know what you are covered for to avoid nasty surprises!

Who do I contact when I'm involved in an accident? Some insurance companies try to make the claiming process as difficult as possible so that clients in the end just throw in the towel and forget about claiming. Make sure that you have the direct contact details for the person who will be responsible for handling your claim. Don't accept the "we will tell you once you've made your first payment" sales pitch. Insist on these details before spending a penny.

Do you offer value added services of discounts? Some companies offer value added services such as cash back bonuses if you don't claim for a certain period of time or discounts when you are a new customer or buy more than one insurance products from the same company. Companies are however not obliged to inform you about these special offers, so make sure that you enquire about it!

Can I cancel my policy if I'm not satisfied with the outcome or if I find a better deal somewhere else? You might be offered a fantastic premium by another company halfway through your current policy and want to switch over to the new company. Some insurance companies will charge you a cancellation fee, while other companies can go as far as charging you a certain percentage of your remaining premiums. You don't want to end up losing more money with these penalties than you would be gaining by switching companies! Make sure that you know exactly what will be involved when you want to move or cancel your policy.

Enquire about the restrictions on the policy. If we take car insurance as an example again, some companies will not cover you if you have standard car insurance and you are in an accident while on your way to see a client. They might come up with the excuse that you actually need business insurance in this case. The same goes for medical insurance. You should know if any conditions or procedures are excluded from the policy. This will have to be paid out of your own pocket and can be quite catastrophic if you are caught unaware!

If you're not happy with an insurance company's answers to these questions, rather take your business somewhere else!

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Submitted : 2010-12-01    Word Count : 870    Times Viewed: 152