Deciphering all the jargon in insurance policies and finding the best option for your needs can be a challenge.
There are a lot of factors to consider when comparing insurance policies. It’s not just about finding a reputable company; you also have to decide which option gives you the cover you need and the best value for money.
In this article, we’ll take you through a crash course on comparing insurance policies so you know what to look out for.
How To Compare Insurance Policies:
It’s important to get quotes from multiple insurance companies to get adequate cover and value for money.
Comparison websites can be useful, but keep in mind that these are businesses too and make money through promoted links. They may not include all your options.
Here’s what to compare in various policies:
- Types of cover: Depending on your risks, your business may need different types of cover. These may include public liability cover, professional indemnity, employee dishonesty, cyber insurance and more.
- Premium: A lower premium will save you money, but be sure to check you aren’t underinsured.
- Events: Look at the types of events the policy covers for. Some may exclude damage caused by employee theft or damage caused by accidental incidents, which can leave you exposed.
- Comprehensivity: Explore how comprehensive the cover is and if it will cover all of your risks to the extent that you need it to.
- Reputation: The reputation and reviews of the insurer you choose say a lot about the service and level of cover they offer - make sure you look at this closely.
For Car Insurance:
- Premium: Look at the price of the premium for the same type of cover.
- Excess: You have the option to lower your premium by adjusting your excess.
- Payment: The option to pay your premium in monthly instalments may be more preferable to you.
- Exclusions: Consider the events that aren’t covered (eg. mechanical failure, depreciation, rust, wear and tear, vandalism, damage caused by unlicensed, drunk or drug-affected drivers, storm damage, etc.). This may affect your decision.
- No claim bonus: A choice to pay a lower premium for not making a claim for a period of time is a bonus offered by some policies.
- Break-Ins: Check the policy to see if things you leave in the car are also covered if they are stolen.
- After-accident care: Some policies offer free towing, on-the-spot repairs, taxi fare, accommodation and car hire.
For Home Insurance:
- Premium: Inspect the cost for the same type of cover.
- Excess: Look at the amount you pay to make a claim, option to reduce your premium by paying higher excess.
- Exclusions: These are items and events not covered by the policy. Check for exclusions, caps, limits or other conditions.
- Legal liability cover: Look to see if cover for injury to other people and their property at your home is included.
- Extended cover: Adds extra to the sum-insured so you’re covered if there’s a total loss.
- Cover limits: Maximum limit on how much you can claim for certain items.
Why You Should Use An Insurance Broker To Compare Policies
Comparing different policies yourself can be quite time consuming… for those with a lot on their plate, using an expert insurance broker to do the heavy lifting for you is going to save you time, money and stress.
With over 40 years experience serving Queensland, Regional Insurance Brokers deliver exceptional service and value for money to our clients. We’ll find you the best policy at the best price to suit your needs.
That means you can get on with life, whilst we take care of all your insurance. That’s real peace of mind. Talk to us today.