The Mini-Guide to Get Best General Insurance
Most people ignore buying general insurance associating its purchase as trivia. And when they purchase one, the decision is made in a hurry only concentrating on how to get the cheapest insurance.
However, what is more important than buying cheapest general insurance is buying the best general insurance policy. And this happens when you evaluate general insurance policies based not only on cost measures but the coverage it will give. The latter will only ensure whether you have bought a reliable general insurance from a credible insurer.
So what are these measures one should have in mind while buying general insurance? You will get all your answers in this particular article.
While filling your insurance form, fill in with correct details
In terms of general insurance plans like health insurance plans, a misspelled name or wrongly entered age/year can be a reason for rejection of your claim. For other types of policies, the financier must receive a complete description of the buyer’s property.
Commercial policies must contain correct door numbers. For example, if the insurance plan is concerned for a building then it should contain correct serial numbers of machinery.
Vehicle models or seating capacity can be entered wrong if the software of the insurance company is not updated with that particular vehicle. In case of any changes been made to the car say like change of seats or change of interiors, ensure all these things are been informed to the insurer. Mistakes while entering registration numbers also raise disputes when claims arise.
What are you going to pledge?
If you are going to pledge collateral to a certain bank or any financial institution, your policy must contain the details of the same. It’s because when the property is found to be lost, the claim will be settled against your financier and not you (the insured).
The address of the insured is very important because-
The insured’s address is the one where all communications related to insurance contract will be sent. Hence, it is important. It’s better to make the communications direct rather than steering it through agents. The latter poses a threat of delay or failures.
Have you checked the issuance date?
Always check the policy’s date of issuance. The delay can happen during policy issuance even if a person finishes payment for renewal to the agent. Always make sure that your policies get renewed before the termination date. This is important considering that if an event arises even during an hour's gap, the claim will be rejected. The gap is between the policy expiry date and renewal.
It is crucial that you correctly estimate the assets needed to be insured. This is vital if you want to avoid risk of under or over insurance.
In terms of commercial policies, you need to consider average value of products placed in your premises. Also you should consider the possibilities of their wear and tear.
Do not compromise on the asset value just to get a lower premium.