5 IMPORTANT Tips Before You Buy Insurance

Last Updated on by alvinodesign

General insurance is a term that is used to refer to all types of insurance plans excluding life insurance. Common examples of products that come under the umbrella of general insurance include motor insurance, health insurance, home insurance, and travel insurance, among others. 

Having a good general insurance plan for your valuable assets can help protect your finances when things go awry. For instance, a motor insurance plan can save you from huge expenses during an accident. But with so many insurers in the market, how do you select the general insurance company that is the best? To help you out, we have listed down 5 handy tips. Let’s get started – 

  1. Check the company’s history

An insurance company who has been around for longer in the market might be a good option to pick. Look for a general insurance provider known for long and steady service. Remember to also inspect the claim settlement ratio as this says a lot about the insurer. 

  1. Compare the premium rates

While price is not the most important factor to consider when buying insurance, it certainly is an important one. You would not want to pay more for the same amount of coverage elsewhere when you can get a plan for cheaper. Make sure to compare the rates of premiums across a couple of insurance companies and then choose the one that fits your budget. 

Quick tip – Call up the insurance company and ask them what discounts they will offer if you choose to bundle up a couple of plans.

  1. Check the customer service offered

When raising claims, it helps to deal with knowledgeable and friendly customer service. Choose a general insurance company who offers 24/7 accessibility to customer support online or via a helpline. Try to call up the helpline to talk to the customer service representative and try to gauge how helpful and attentive they are. This is a really important step when selecting an insurance company. You can also read a few reviews online to see what other customers have to say on the service offered by the insurer. 

  1. Look for accessibility of services

It is important that the insurer’s facilities are located in and around your neighbourhood. For instance, when buying health insurance, choose an insurance company who has a good network of cashless hospitals near your home. Or, if you are buying motor insurance, the network garages should be located close to where you reside or work. 

  1. Make sure you get value for money

Finally, it helps to check whether the insurer is offering you value for money. For instance, look for the additional features or benefits that make one insurer’s plan stand out from the rest. Perhaps, they are offering a high sum insured at a very reasonable premium. Or, they have the right day care procedures you need in their health insurance plan. If you are a pet owner, you might want a home insurance plan that covers pets too. Look for specifics of coverage that will benefit you and your unique needs. 

Keep these points in mind when selecting a general insurance plan. All the best!

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