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Insurance Quote- Cheapest is Not Always The Best
When shopping around for an insurance quote it is easy to be tempted into going for the cheapest option available. With so many options available from so many different companies you could easily find yourself shopping around for the cheapest insurance quote and not necessarily the best one. The wisest way to shop for insurance is to get a comprehensive cover from a reputable company at the best price for your particular needs. In this article we will be looking at the truth behind cheap insurance quotes.
Due to financial constrains many people would opt for the cheaper insurance quote because they are going for what they can afford and because they do not think that they need all that extra cover. Did you know that you could end up paying more than the original insurance quote? Here is why.
Insurance companies could offer you a policy that seems cheap in premiums but has nothing in the way of benefits and discounts. An example of this would be a no claims bonus. A no claims bonus is a cash back bonus the company pays you for not claiming on your insurance within a specified amount of time. It could be in the form of a lump sum payout or in a reduction on your future premiums.
Another way that you could be paying more on your insurance policy is on your insurance excess. When you make a claim on an item you usually have to pay a fee called an excess fee, which is a percentage of the total cost. Let us say that your excess fee is 10% and the item is R3000, then you are obliged to pay R300. Take note that different policies are subject to different excess fees. An insurance company may not pay anything on a claim if the claim amount is lower than the excess amount.
When you pay a little you get a little in return. This is the truth, as many people find out only after the claim has been made that the insurance policy does not cover a lot of the things they thought they had cover for. Just imagine what it must feel like recently suffering a major loss of your possession, feeling sad but comforted by the fact that you have insurance only to find out that your insurance will not pay for half of the loss due to insufficient cover!
Check the companies pay out history and do not be fooled into buying insurance from a company that does not settle claims. This is the reason why some of the companies who offer very cheap insurance quotes can afford to do so, it is because they avoid settling claims. They drag out the pay out process by taking long with the investigation and having you deal with lots of red tape.
While getting an insurance quote it is important to take your time and get a clear picture of your needs. As too often people rush into buying insurance and end up being either underinsured by choosing the cheapest policy or over insured by being covered for things they do not really need. On the internet there are many multi quote comparison websites which make getting the right insurance quote with less hassle and more information.
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