When taking out an insurance policy, we tend to shop around befuddled at the opportunities available for us to grasp at. It’s human nature. We tend to go with what we know and this brings with it complacency in the type of policies we decide to pick up, normally utilising the policies suggested to us by friends, family or by the popular advertisements that drill through our head in the way they are delivered. Complacency can sometimes work out well in some regards, but it too can bring with it lots of negative disadvantages that can cause inflicting damage – especially in the world of insurance, somewhere where you would hope to have a little bit of clarity.
In this blog post, we’ll look at three tell-tale signs your insurance policy isn’t best fit.
1. Other people with insurance policies similar to you are paying out far less.
A significant tell-tale sign and something that should bring up significant red flags at any mention is if you find out the ballpark in which you’re paying for your policy would be miles cheaper if you were insured with another provider. In a roundabout way, insurance policies from various providers that offer the same sort of protection are likely to cost around the same amount, thus if you’ve encountered that your policy is costing you a fortune whilst others are finding things more relaxed, it’s probably about time you divest into other policy opportunities. A good way to check to see if your policy is worth its cost is to check a whole variety of different providers before settling down with your chosen insurance.
2. You lack cover in important areas.
Although not one of us expects our insurance policy to be a one-size-fits-all in catering for each and every one of our insurance needs, there is a level to which acceptable cover should exceed. Examples of a lack of cover could see the basics such as fires and flooding not included in home insurance, public liability insurance not covering half of the accidents that could occur in your premises and car insurance not covering head-on collisions – all of these may sound unlikely, but the point to be stressed is that your insurance policy must cover the necessities. You should be able to check what is covered and what isn’t via your documentation that will come with taking out your policy, with further information from the company being available upon request.
3. Your policy is covering you for more than is applicable.
Seeing that your insurance policy is covering you for a whole variety of things can be reassuring, as who knows if you’ll need X insurance to protect you from X?… Well, if you don’t even have an X, that might be a signal that your policy includes all sorts of superfluous coverage that you are unnecessarily paying extra for. Policies that cover you for the outlandish, as well as the avenues that you may encounter later in life can be wonderful. But if the policy you hold isn’t focusing on the reason you took such a policy out in the first place, or its objective is to cater and reassure individuals who are looking for a different type of insurance, a more bespoke policy to you might just work out better. Entering into a more bespoke policy can see the costs incurred reduced significantly and is likely to deliver you with better protection than a policy that covers for everything – but nothing that you really need.
If you discover your policy has any three of these tell-tale signs, it would be worthwhile to invest in a policy that best caters for you. At Ashburnham, we have a wide array of policies that can be best fit to what you’re looking for.
To find out more, call us at 0800 1696137.