Thinking Of Taking Up The Cheapest Insurance Premium? Read This First

It can be overwhelming choosing insurance with so many insurers competing for your business these days. And although it’s easy to base your decision solely on the cheapest insurance premium, it’s not the wisest... 


If the policy you’re considering is the cheapest, there’d definitely be a reason. You’ve been warned!


To help you understand, we’ve listed a few reasons why you should think twice about taking out insurance with the cheapest premium you find.


What’s covered?


As a rule, the cheaper the insurance premium the less it covers... 


Insurance can be incredibly complicated, but you need to fully understand what you are and aren’t covered for. So read the fine print and make an effort to understand it or consider using an insurance broker. You can then avoid the worry and they can save you money by ensuring you come out with the right level of cover at the right price.


Company background


Often you’ll find a company is cutting corners somehow in order to offer the cheapest insurance. So, get to know what they are all about…

Have a good browse on a few insurance websites to compare before you commit. Make sure to look at reviews and ratings to uncover interesting insights and truths.


Quality of customer service


Customer service is an area where companies can cut costs… And although it’s super convenient to organise insurance or make a claim while lounging in front of the TV or sitting up in bed, it pays to check you can actually speak to, or even get in contact with the company...


Think about these things:


  • Can you easily pick up the phone and speak to a helpful customer service agent?
  • Does the site have a chat feature and are they responsive?
  • Is there an office in my area? You may prefer speaking face to face for some insurance types.
  • Check out recent reviews. A majority of good reviews is what you want to see.
  • Investigate how the company deals with claims.


Claim time


This is when you find out what you paid for… everything we’ve mentioned comes into play at claim time. With cheaper insurance premiums you may find out:

  • You are not covered for what you expected
  • You can’t get in touch with the company easily
  • They don’t keep you well informed or are slow to respond
  • Your claim may take forever to be accepted or denied
  • Customer service is not what it seemed


All of this can be avoided if you use an insurance broker, they are your advocate should you need to make a claim.


The bottom line


Buying insurance can be overwhelming, there’s so much choice out there, it’s tempting to go with the cheapest insurance premium. But now you know the reasons why that’s not a great idea.


Do you need help choosing insurance?


Whether it’s home, car, life or business insurance, the team at Regional insurance brokers are one of the most trusted sources of advice available to make sure you and your livelihood are fully protected. Get in touch today.