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.

4 Things to Bear in Mind When Comparing Life Insurance Service Quotes Online

In today’s world, when the internet has made everything easier and at one’s doorstep, many people prefer to do their basic works from home. These basic works include everything from working to shopping or even getting one’s insurance done. Insurance is a very serious matter where one needs to consider many different insurance companies and go through their quotations before finally settling in for one specific company.

At times, it is even practical to compare insurance quotes online. It is actually tedious and even time consuming to inquire each insurance office physically when one can do the same thing in a relaxed manner, sitting at home. There are however pros and cons of everything. This is why a few very important things should be kept in mind when one goes for online comparison of insurance quotes.

First and foremost, it is important to do a thorough research on the company’s background. One must keep in mind how many years of experience does the company have. Also one should make a note of all the reputed international, regional and national partnerships the company has. If one is satisfied with the initial survey, then one can opt for a walk in discussion with the company’s representatives. This serves two purposes.

  • First, give a chance to the person to meet the representatives and judge their clientele and their company client relationship.
  • Second, it also gives an opportunity to discuss any queries one might face regarding his insurance policy.

Secondly, many insurance companies ask for a complete health or medical check-up before signing the policy. It is important to note that one is dealing specially with life insurance; hence, these tests are a necessity. Eye tests, dental check-up, blood tests are some of the common checkups that one has to go through.
Third, before signing the final policy option, one should recheck the track record of the company. One should be well versed with the company policies, insurance rates, insurance claims. This is needed so that one does not enter a trap of fraudulent insurance companies and associates himself with the legal and legitimate ones. Sometimes, when insurance is being claimed one has to go through lots of hassles to get the money. It even ventures up to hiring insurance lawyers. To avoid such a situation, one must have a crystal clear notion of the company where they are investing.

Fourth, life insurance is a long time insurance policy. One must choose the scheme according to that. There are schemes where the insurance claims and benefits can be enjoyed by the spouse or any other family member on the death of the insured. One must look into this aspect also before choosing the right insurance policy.
Thus, going for an online life insurance policy is of no harm. However, these few steps should be followed so that one gets the best policy and is associated with the best insurance companies. This would in the long run benefit the client.