Ways to Avoid Common Mistakes when Choosing an Insurance Policy

Let’s not patronize you by telling you to read the small print. We all know you are not going to, and even if you did, you are not a lawyer. You will need a legal dictionary, a very good memory and a lot of time to read and fully comprehend all of the small print. Have a glance over it (by all means).

Read the big print

You would not be surprised by the amount of Americans who do not read the fine print. You will however be surprised to find out how many Americans do not read the normal sized print. We are not just talking about Native Americans when they are reading treaties or Monica Lewinski when she reads her duty list. We are talking about every day work-a-day Americans. So read the big print.
What are you checking for? With the big print you are checking to see that EVERYTHING you agreed with the insurance personnel (or online) is in your policy. Furthermore, you are checking that every detail is correct and has not been skewed.

The small details on the phone

The biggest mistakes that are made when buying insurance over the phone is numbers and dictation. A four and five sounds very similar in some accents. A person taking your details, phone number or account number for example, may easily hear a four as a five. You need to check your address, your phone number, and any other numbers you gave them (such as your excess amount).

The small details online

The biggest mistakes that are made when buying insurance over the Internet is typos. You need to check for everyone, because a callous insurance company will pick up on your mistakes when you make a claim, and will refuse your claim. The second biggest mistake is made with the tick boxes. This is especially true when buying car insurance. People look at the big list of tick boxes and miss out items that they can actually has. They tick central locking, sunroof and ABS and miss off the immobilizer. So many people push up their insurance costs because of skim reading and tick boxes. Check your insurance policy to be sure you covered everything.

Acts of Allah? God? And the indifference of Buddha

The less luminal mistake that people make when buying insurance is a double-edged sword of a problem: some people believe that inexpensive insurance is just as good as expensive insurance, and some believe that expensive insurance is somehow better than cheaper insurance. An insurance policy is only worth as much as its “use” is to you. You can buy house insurance, which insures against acts of God AND Allah if you like, but if you have not offended god recently, then why would you need it? Some people insure their lives for driving accidents even though they do not drive. If you do not calculate all of your insurance needs prior to approaching the insurance companies then you are a going to end up making a mistake.

Mathematical mistakes and the price of bread

Many people make the mistake of thinking that if they insure something for a certain price, that they will get that price when they claim. You can insure a loaf of bread for $1million and pay $9000 premiums every year, but you will not get a million when you claim. In most policies you will get the cost of the bread, some policies give you the depreciated price of the bread, and more expensive insurance will give you the purchase (new) cost of the bread. Insure your items for what they are worth (and get insurance-valuation certificates to prove your case).

Decide what you need and what you are willing to risk

A big mistake people make is in believing that they need everything insured. If you insure your house (for example), you may pay more to insure the carpets and contents. Do not make the mistake of NOT questioning your policy. Do you really need your carpets insuring? Is it really worth the extra cost? Do you really need to insure against flooding when there has not been a flood in 60 years.

Do not make the mistake of not revising your policy

You have a period of cooling off (usually 14 days) in which you can cancel and alter your insurance policy. If you notice a mistake on your policy then you must use this time to change and/or cancel your policy. Do not make the mistake of being nonchalant about it. Furthermore, when the time comes to renew your policy you MUST renegotiate for a lower premium, or leave them for someone else. You should also alter your policy to adjust to your new circumstances. If your circumstances have not changed in 356 days then you are in prison, and you have bigger problems than mistakes on your insurance policy.
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