Be aware when taking out Insurance
Points to be aware of when taking out any type of Insurance
- Know exactly what risks and which items and events you are covered for.
- Understand what is not included: for example if the right sort of security was not taken, possessions not kept under lock and key then your insurance company may not pay out.
- Be aware of any excess you will have to pay. The excess is an amount of money that you will have to find yourself in the event of making a claim on your insurance. If you agree to pay a larger excess it usually follows that you will pay a lower premium.
- Premiums can vary and such things as where you live, your job, the type of car you drive, the amount you wish to protect etc can all affect the premium you will pay for insurance.
- Is there a saving to be made if you pay by direct debit, if you pay yearly instead of monthly could you save money?
- Some premiums are reviewable, this means that your premiums could increase or decrease after each review. Make sure you know how regular your policy will be reviewed.
- Know exactly how much you will be paying and whether you will be paying monthly or yearly. Is it cheaper to pay a lump sum yearly?
- Understand how flexible your policy going to be, would existing health problems affect your policy adversely. Would you lose money if you decided to change to another insurer? What happens if you miss a payment? If you cancel your policy would you get any of your premiums back at all?
- Always make sure that your policy is good value for you and that it meets your own needs. When your policy is due for renewal this is a good time to review your policy. If your needs have changed greatly then review your Insurance Policy to make sure you are covered.