There will come a time when you’ll start looking into insurance for yourself, your family, or your belongings. When that time comes, it’s really important that you know what you are buying and what you will get for your money! Yes, for most people, it’s a boring subject and probably one that they skim through when reading or, switch off for 50% of the time when being talked to about it, however, when you need it there’s no time for skimming or trying to re-listen!
Clearly, terms like ‘ambulance cover only’ are pretty clear in their meaning, on the other hand though, terms like ‘excess fee’, ‘in patient’, ‘out patient’, ‘up to’ and the inevitable ‘*’ star symbol that usually means there’s a ‘catch’ of some kind will need some further research.
1. Identify Your Needs
First of all, you need to identify your needs, similar to buying into a pension policy of some kind, what exactly is it that you are after and, what do you need? This part is really important because without knowing the answers to either of these questions you could quite easily end up choosing or being sold a product that isn’t suitable for you.
Sure, there are many companies out there that will quite happily talk to you about the matter although, if you don’t know what you need in the first place then how do you know you are making the correct choice? Educating yourself and understanding what you’re getting yourself into is the best possible thing you could do for yourself at this junction.
2. Jargon Buster
As with most purchases or legally binding agreements, you will likely walk into a new world of jargon and phrases that might not mean much to you. Getting to know what they are and what they would mean to you in terms of protection would be a smart move, certainly before you decide to speak with a consultant.
3. Cleverly Done, or Just Cheeky?
You’ll be pleased to know that all bonafide insurance companies are heavily regulated by the financial services authority so, you can have some piece of mind there that you will get what you sign up for. However, that doesn’t mean that you could still purchase something that isn’t suitable for your needs, you’ll get it, but it might be under, or over-adequate. Let’s not forget that, regulated, or not, insurance companies are still a business and they are not there to lose money! So, be sure to get a second set of eyes to read over the documents or ‘cleverly’ worded adverts before you sign up for anything.
4. Get The Best Deal for You
There are literally tonnes of insurance providers out there which means that you are in the driving seat so to speak when it comes to getting the best value for money. There is nothing stopping you from shopping around and using quotes from other companies to try and barter yourself a better deal, don’t be afraid to use the ‘buyers’ market’ to your advantage. Always try and get a better deal than the one you are offered in the first place, it can’t hurt!