SOMETIMES we sign policies without understanding what we are getting out of the arrangement because we trust the person who talks so sweetly.
Resist that temptation!
You need to understand what insurance form you are signing before you even think you are going to sign.
Remember: Some insurance companies bend over backwards to take your money but will create reasons not to pay out claims.
Do not agree to an insurance contract unless the insurer lets you take home the form to read. Only agree to an insurance contact printed out on the same form you have read and have signed with a pen.
Shop around: speak to a broker, contact insurance call centres and check online for competitive quotes.
The cheapest insurers may not be the best: The insurer that offers you the lowest premium means they are more motivated to find ways not to pay out a claim. Spending a bit more on premiums may be less of a problem if you need to claim in then future.
Before you say or click yes: Make sure you are getting the insurance you want and not something that is nearly what you want or has some extra policy features you do not need.
Change your insurer: If your insurer will not adapt to your needs, find one that can or at least offers a compromise.
Focus on core services: Do not sign an insurance form that offers lots of flashy incentives such as TV subscriptions, air miles, store vouchers and more.
Insurers must insure – everything else is meant to distract you from seeing problems with what you are signing.
Remember: Reward schemes and incentives are not free. You will be paying for them one way or another.
