6 Things to Keep in Mind While Choosing An Insurance Company

6 Things to Keep in Mind While Choosing An Insurance Company

A good insurance company free of scams and illegal activities is not hard to get. One must keep certain criteria in mind, while choosing an insurance company .That’s the easiest way to get hold of a good and reputed insurance company.
This article deals with the six important criteria s that one needs to look for in an ideal insurance company.

    • Background of the company
      One must carefully check the background of the insurance company to ensure that there are no prior scams or involvement in illegal activities. The company should have tie-ups with International, National and regional banks for helping its agents. It should have online and regional and company agents’ facility so that one can approach the company in all possible ways. Those who are not well versed with the internet can prefer the walk in discussion with the company’s agents. At other times, the representatives should be able to come to the customer’s doorstep to help out with the insurance policy.
    • Quotes and Premiums
      The quotes and premiums of the company need to be looked into. The quotes should be kept such that even the least privileged one can afford it. For national insurance companies, these quotes are decided mostly on standards prescribed by the national agents. However, for the private companies, it is mandatory that before one purchases these quotes one compares them. Online comparison of quotes is the best idea. Also, one needs to know how these premiums are to be paid – monthly, quarterly or yearly or in any other manner that the company fixes. The quotes should not be mismatched with the policies. A company cannot charge a home insurance quote for car insurance. These things should be kept in mind and cross checked with the company and its agents.
    • Discounts
      Many a times, the company offers discounts based on various factors. It is commonly seen that clients above the age of fifty five are offered some discounts. Also, the premium rates are different for unmarried men and women. One should keep in touch with such discount rates and take advantage of them, whenever possible.
    • Types of Insurance
      When one chooses a company, one should see the types of insurances offered by that company. It may so happen that a person is in need of a car insurance, home insurance as well as life insurance. It is beneficial that one chooses a company, which offers all the three insurances. It is not feasible or convenient for a person to purchase insurance policies from three different companies. Thus, to attract more and more clients, a company should offer more insurances in reasonable schemes.
    • Proper Advising Agents
      A company should provide the customer with proper advising agents. For this, the companies need to employ honest and efficient policy brokers. Additionally, many companies go for counselors and field specific insurance lawyers who guide the customers.
    • Review of Customers
      A review of the former and existing customers of the company helps the new customers understand and have a clear idea about the functioning of the company and the benefits drawn from the company.
      These are the six main factors that one should keep in mind before choosing their ideal insurance company.

5 Tips on How to Save Money on Insurance Service

5 Tips on How to Save Money on Insurance Service

All of us take one or another insurance policy and pay higher premiums for it, but only a few are aware about what we are paying for. We become so busy in our lives that we hurriedly sign up with the insurance companies to insure our vehicles, life, business and property, start paying the premiums and then forget all about the policy and its benefits. We never think about the insurance policy before we get into a trouble, which the policy covers or before the policy itself becomes invaluable.

Insurance providers never have policies, which come under ‘one size fits all’ solution. If we fail to review the policies, we miss out on significant benefits in terms of money. There is more than one way to save money on insurance services. Let us review 5 tips on how to save money on insurance service.

  1. Club all the Insurance Policies

In the business world, to ‘put all the eggs in one basket’ is deemed inappropriate. However; contrary to this, having all the insurance policies with one insurance company is considered highly beneficial. It helps to get a good discount on premiums. The insurer can get as high as 15 percent discount. It also helps to track all the policies a lot easier than where you have different policies with different providers.

  1. Prepay Your Insurance Premium

As per the financial position and stability, one can decide to pay the insurance premium monthly, quarterly, semi-annually or even annually. Of all the financial adjustments, it is best to settle the insurance premium on semi annual or annual basis as it helps to save the extra expenses, which otherwise are charged by the insurance companies on a monthly payment plan. The extra expenses on the monthly payment of insurance policy can go up to 2-3 percent of the premium amount.

  1. Maintain Good Credit Score

Many insurance providers offer good discounts to the insured if they have a good credit rating. Credit scores tell all about the person’s identification, their credit history and public records. The insurer gets all the information about the past financial obligations and the way the obligations were settled by an individual or business. Credit scores help the insurance companies to decide the risk cover under which an individual or business falls. A good credit rating is an indication that the insured is trustworthy in financial aspects and will pay the premium on time. So the insurance companies offer the policy on reduced rates.

 

  1. Evaluation of automobile, property and medical history of insured

In case you want to opt for an automobile insurance or property insurance against damage due to fire, theft and accident, then you need to get the vehicle and property, which you want to insure, properly evaluated. Higher the value of the vehicle and the property, higher will be the cost of policy and its related premium. However, in case of life insurance, this rule is opposite. If you have clear medical records, then the chances of getting policy at a reduced price are high.

 

A bit of diligent research can help you save lots of money when buying insurance policies.

5 Tips on How to Save Money on Insurance Service

5 Tips on How to Save Money on Insurance Service

All of us take one or another insurance policy and pay higher premiums for it, but only a few are aware about what we are paying for. We become so busy in our lives that we hurriedly sign up with the insurance companies to insure our vehicles, life, business and property, start paying the premiums and then forget all about the policy and its benefits. We never think about the insurance policy before we get into a trouble, which the policy covers or before the policy itself becomes invaluable.

Insurance providers never have policies, which come under ‘one size fits all’ solution. If we fail to review the policies, we miss out on significant benefits in terms of money. There is more than one way to save money on insurance services. Let us review 5 tips on how to save money on insurance service.

  1. Club all the Insurance Policies

In the business world, to ‘put all the eggs in one basket’ is deemed inappropriate. However; contrary to this, having all the insurance policies with one insurance company is considered highly beneficial. It helps to get a good discount on premiums. The insurer can get as high as 15 percent discount. It also helps to track all the policies a lot easier than where you have different policies with different providers.

  1. Prepay Your Insurance Premium

As per the financial position and stability, one can decide to pay the insurance premium monthly, quarterly, semi-annually or even annually. Of all the financial adjustments, it is best to settle the insurance premium on semi annual or annual basis as it helps to save the extra expenses, which otherwise are charged by the insurance companies on a monthly payment plan. The extra expenses on the monthly payment of insurance policy can go up to 2-3 percent of the premium amount.

  1. Maintain Good Credit Score

Many insurance providers offer good discounts to the insured if they have a good credit rating. Credit scores tell all about the person’s identification, their credit history and public records. The insurer gets all the information about the past financial obligations and the way the obligations were settled by an individual or business. Credit scores help the insurance companies to decide the risk cover under which an individual or business falls. A good credit rating is an indication that the insured is trustworthy in financial aspects and will pay the premium on time. So the insurance companies offer the policy on reduced rates.

 

  1. Evaluation of automobile, property and medical history of insured

In case you want to opt for an automobile insurance or property insurance against damage due to fire, theft and accident, then you need to get the vehicle and property, which you want to insure, properly evaluated. Higher the value of the vehicle and the property, higher will be the cost of policy and its related premium. However, in case of life insurance, this rule is opposite. If you have clear medical records, then the chances of getting policy at a reduced price are high.

 

A bit of diligent research can help you save lots of money when buying insurance policies.

5 Dirty Little Tactics Insurers Use to Deny Legitimate Claims

5 Dirty Little Tactics Insurers Use to Deny Legitimate Claims

Let us face the truth! The insurance companies earn tons of profits very easily. How? Just by denying or paying less of insurance premium. Not surprisingly, the companies even deny the legitimate insurance amount claimed by the policyholders. Insurance companies have layers of pretexts to deny the insurance claims made upon them under the insurance policies. Increasing profits is their aim and they do it very well. In fact, it is not false to say that insurance companies thrive or exist not by providing excellent customer service, but by denying tons of insurance claims every year.

Taking an insurance policy is a pure gamble for the insured. The insured bet against themselves. They bet that they will keep on paying lofty premiums every month or year as per the terms of the policy and will do everything that they can to protect their life and property against damage. The insurer too bet that none of the unfortunate situation arises in the life or to the property of the insured and in case anything happens, the insurance company will not pay the insurance claim, rather it will not even make an effort to settle the claim. Honestly, the insurance companies are expert in proving any of the claims to be invalid.

Here are the tactics that insurance companies use to deny the claims:

  1. Plain Denial
    The first and foremost tactic is to deny any of the claims as and when it arises. Insurance companies know that only a handful of customers make a re-attempt to ask for claims. Those who make a serious attempt to recover the claim are paid their dues. The premiums paid by rest are a part of the company’s profits.
  2. Insufficient settlements
    Stress on customers is the reason for acceptance of insufficient insurance amount as claims. An unfortunate event causes lots of stress and worry on the mind of the claimant and the situation makes him whole heartedly accept whatever money comes in. The insurance companies take benefit of the stressful situation and settle the claim by paying a much less amount in comparison to the actual estimated loss that falls due to the company.
  3. Use twist of words
    Insurance companies use the customer’s words to their advantage. The companies always look for the words which can be used as an excuse to deny the claims. Most of the companies make sure to record each and every word, which the insured speak at the time of making a claim. The companies later minutely scrutinize the words and pick out phrases which work in their favor.
  4. Late settlement
    Late or delayed settlement of claims is equivalent to no claims. Insurance is a sticky and complicated spider web. To get anything out of this web is certainly not an easy task.
  5. Complicated claim filing process by Insurance company

An insurance company can make the procedure of filing a claim complicated enough which leaves the customers angry and frustrated and out of frustration, customers leave the process in the middle. Leaving the process means leaving the claims.
If you do a research on insurance claims, you will come across numerous stories of policyholders who were unduly denied the payment. You should be cautious while looking forward to buy any of the insurance policies. Being cautious you will enter a healthy and promising insurance contract.

3 Things to do to Get Low Cost Pet Insurance

3 Things to do to Get Low Cost Pet Insurance

Pets are like family. This is something that every family who keep pets agree to. In fact many families, which keep pets, think it’s good to have a pet insurance, in case something untoward happens to their pets. However, going for a pet insurance is a very subjective matter. Many families would willingly go for it. Many would need persuasion. Yet many think it is not an investment to make. For people who want to get a low cost pet insurance, here are three easy steps to do so.
•    Multi-Pet Policies
There are many families who have more than one pet or more than one kind or species of pet. For instance, a family has a dog, two cats and a bird. For such families, it is beneficial to go for multi pet policies. These policies club together the premium that has to be paid for each pet and demand a premium, which is much lower than what one has to pay, if one has to make separate policies for each. Multi pet policies are also transferable in nature such that if a little more than what is expected or saved for one pet is needed, sums from the savings of other pets can be put to use in those circumstances. Hence, one can decipher that multi pet policies increase the savings of the person and also accounts for low cost pet insurance.
•    Compare Quotes
For low cost premiums, one has to keep certain factors in mind. The very first one is the type of pet one has. There can be various types of pets. Some are:
>   Cats and dogs
>    Birds
>    Horses
>    Rabbits
>    Exotic species (snakes)
Premiums for these types of pets are very different from each other. Exotic species will always demand more than cats and dogs and horses. Thus quotes should be compared keeping in mind the following factors:
>    The type of pet
>    The age of pet
>    The specie of the pet
>    The health history/medical status of the pet
>    Notification of any prior accidents.
All this information put together would help in drafting a premium quote for a person’s pet. One must talk to an agent and decipher the lowest possible quote or range of premiums and then compare the quotes online and go for the one that can be fully trusted.
•    Self-Insurance
Self- insurance is a judicious method to consider while opting for a pet insurance. Here a person has to deposit a small amount monthly that can later help the pet in some way. However, self- insurance has two major limitations:
>    If something happens to the pet before the total premium is collected, one cannot seek insurance help for the pet.
>    If a pet is responsible for an accident and in turn gets severely injured the insurance companies are not liable to help the clients in such a case. However, cats are considered as free spirits and exempted from such treatments.
Thus these are the three easiest, safest and fastest ways of getting low cost pet insurance.