Questions to ask when choosing insurance policies

Tuesday, 12 June 2012 07:31

Take time to assess your insurance options

Take time to assess your insurance options

Whether you've got a new sports car or have just finished refurbishment work on your property, it's vital you have a sufficient level of protection in place for your possessions. Needless to say, not having the right amount of insurance – or even worse, lacking cover altogether – can leave you significantly out of pocket in the event of an accident or becoming a victim of criminal damage.

If you have insurance in place though, you ought to have the peace of mind that you shouldn't have to meet the cost of repairing or replacing your possessions yourself. However, that's not to say you should rush to take out a policy from the first provider you come across. Doing so could mean you miss out on comprehensive and cost-effective deals elsewhere, while you remain stuck in an insurance product that simply isn't suitable for your needs. Instead, it's important to do your homework on what policies are available and ask plenty of questions to be sure you're getting something that's right for you.

Although virtually everyone needs at least some form of insurance, as all of our circumstances are different and what we require from cover is likely to vary from person to person, it is not always easy to know what options are best.

Speak to a specialist broker, however, and you can establish what your needs are and what type of policy – or policies – will be right for you. Here's a guide to some of the questions you ought to ask.

Will my items be covered?

As obvious as it sounds, it's important that the insurance policy you end up taking out offers a comprehensive level of protection. However, if you have a vintage car, valuable antiques or other high net worth goods that you want to insure, you might not be able to get a sufficient amount of cover from a standard insurance company. The high monetary value of such items and the perception that claims are more likely to be filed against them means many firms are simply unable to afford to offer this level of cover.

Instead, it's best to enlist the services of a specialist broker that deals with firms able to provide the cover your assets need.

How much will it cost?

Quite understandably, this is probably going to be one of the questions you're most keen to know the answer to. However, you'd be wrong to think that low-cost products are always the best choice for you, so heading straight to a price comparison site to search for the cheapest deal is unlikely to get you the cover you need. As not all insurance policies are the same, you need to look at the terms of each one to establish which is most suitable.

Of course, you should still be aiming to get a competitively priced policy, so it's worth looking at comparable offerings that from a range of providers. Again, a specialist broker – for example, Certis Insurance – can help to source policies that not only offer the exact level of cover you need but are reasonably priced too.

What happens if my house/car/items are damaged beyond repair?

Even if you're the most careful person there are times when circumstances beyond your control – such as a fire or flood – can cause irrevocable damage to your prized possessions. In cases like these, you'll want to know that your insurance policy can ensure you are not left without for too long.

By seeking out a comprehensive car insurance policy, for instance, you can agree on a market value for your vehicle, so in the event that it's written off at a later date you know exactly how much cash you're entitled to. If you're looking for home insurance, meanwhile, you can get a policy that will replace items damaged beyond repair with ones of an equal value.



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