Insurance Shades: How to buy find affordable plans

Follow these tips to get the right insurance for your needs and budget.

Choose the right excess

If you have a high excess, the premium will be lower, because the insurer is covering less of the cost. But you will also have to pay more of each claim.

Combine your insurance

Buying as much of your insurance as possible from one company can save you money.

Read the policy carefully

Understand what is and isn’t covered by your policy. Take the time to check it, and ask your insurer to explain anything that isn’t clear.

Tell the insurer everything

By law you must give all the information requested by the insurer. If you leave any important information out, you could risk a claim being turned down.

Know what insurance you already have

Think about what insurance you already have – for example with your employer or as part of a loan agreement. Don’t double up.

Shop around

Get a range of quotes and compare, looking closely at what is and isn’t included in each policy.

Questions and answers

Question: What is excess?
Answer: Excess is the amount you agree to pay when you make a claim. For example, if the excess on your car insurance is $250 and you have an accident that causes $750 damage to your car, you will pay $250 and the insurer will pay $500.

Question: Do you have an emergency fund?
Answer: If you have some money of your own available for emergencies, you can take some of the insurance risk yourself. This will allow you to reduce the cost of your insurance by choosing higher policy excesses, longer waiting periods (for income protection), and lower levels of life and trauma cover.

About Internet Marketer

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.