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| Written by Tom Martens |
| Saturday, 13 December 2008 10:11 |
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No one wants to be "taken" on their insurance premiums. It is hard not to view these payments as money down the drain, so many of us use price quotes as the deciding factor when we select auto, home or household insurance. That is a choice many consumers come to regret when the time comes to file a claim. This is when we find out what kind of service our premiums have been paying for, and, we shouldn't be surprised to find that we get what we pay for. Therefore, a variety of companies can be found that offer excellent service and comparable pricing. In order to differentiate between them, you will need to do your homework. Research individual companies to determine their rates and benefits. The simplest way to start is to look for insurance online, where you can find resources that explain terms and practices used in the industry. You should be able to get enough information to determine if a company warrants more specific consideration, including quotes, company histories, and cover information. You can thus avoid high-pressure sales pitches that are intended to force you into a hasty decision. When you start negotiating with the insurance company, you'll hear novel terms and listen to consultants who try to pull fast ones on you. You need to know what will happen when you submit a claim, and what the terms of your policy include. Ask any questions that you need to ask to clarify the policy. Any company that wants your business should be willing and able to explain its policy to your satisfaction. Foregoing all the jargon that can accompany this explanation, it essentially boils down to your risk profile. If you're a high risk, you'll pay a higher premium. If you're a low risk, you'll pay a lower premium.One thing it is important to understand about insurance is how the companies determine your premium. These factors can influence the various types of insurance in different ways, but some have the same effect on each insurance type.The value of the item(s) to be insured, your history of claims, the type and amount of cover you want to buy and the risk the item(s) being insured are exposed to,several factors influence your risk profile, including, age, gender, place of residence. If they exceed the insurance company's requirements, will lower home, household and car insurance premiums,if your place of residence is in a high crime area, your home, household and car insurance premiums will reflect the increased risk of possible theft, burglary or hijacking.Increased security measures. Excess refers to the amount you are responsible to pay when you file a claim. All car, home and household policies have minimum excess amounts, but you can raise yours in exchange for lower premiums.Consider increasing your excess amounts,if you can afford it. If you have not filed many claims throughout your driving history, you may qualify for a discounted rate. If you have never carried insurance before, however, you will not qualify until you have established a history. About the Author: Tom Martens is the syndication coordinator Insurance-south-africa.co.za. South Arica's leading Insurance information portal Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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