Skip to main content

Understanding Your Insurance Broker

Getting insurance quotes can be daunting. In any industry you will find a whole new language of terms, phrases and words that come across as a foreign language to those who are not in the industry. This is completely normal and should not intimidate you when you are sitting in front of your insurance broker and they are discussing with you're the ins and outs of a package you are thinking of investing in.


If your broker is explaining everything in a way that makes you feel like you need a degree in insurance to understand it then stop them immediately. It is the brokers job to help you understand everything about your insurance and how you can make the most out of the options that are on offer. Everything should be explained to you in terms that the general public can understand. If working as an insurance broker is high school - then they need to explain it to you in junior school terms to make it fair. (not implying at all that you may be stupid, just implying that they need to be fair, you don't work with insurance terms every day so why should you be expected to know them by heart.)


The important thing to do is to ask questions and be very direct with your broker if they start answering a way that you don't understand. Don't just sign the document with your faith in their hands. Your LIFE in their hands. Ask questions. Hundreds of questions. Don't be shy. Make sure you are getting what you want in your insurance package.


Here are some questions you should find yourself asking:


1) What is my excess?
2) Is there excess on all my claims or only some of them?
3) What is the price difference between taking excess and no excess.
4) Do I get a courtesy car in the event of an accident
5) Does the insurance cover towing the car as well?
6) Do I have road side assistance with my motor vehicle insurance (and what does it include)
7) What does my insurance NOT cover (rather find out now and save yourself a nasty surprise later on!
8) Do I have personal belongings insurance included in the package and what does it cover (your handbag or briefcase etc)


If your broker carries on trying to explain to you in terms you don't understand then I only have one suggestion for you - get a new broker!

Labels:

Comments

Post a Comment

Popular posts from this blog

Where Do I Buy Cheap Auto Insurance?

Auto insurance is a vital requirement that all car owners have to acquire. Many companies offer these services all over the US. They offer custom quotes that cater specifically their customers' requirements. With a plethora of options currently available in the market, people face a myriad of challenges choosing the right one. A common question that many have to contend with is "where do I buy cheap auto insurance?" However, with a bit of legwork, they can easily find inexpensive insurance policies that will cater for all their personal needs. Before venturing out to look for cheap auto insurance, you should plan. It is, essential that you define your requirements and the type of insurance that you will need. For instance, you should visit insurance regulatory authorities in your areas to determine the minimum level of insurance that you should have. Many states require people to have at least liability insurance that covers bodily injury and damage to property. Once you ...
Post a Comment
Read more

Getting The Best Carpenter Insurance Cover For Your Business

As a carpenter, one of the important factors that you will need to take into serious consideration is getting the right business insurance. It really does not matter whether or not you run a self-employed carpentry business or you simply run a big company that employs a lot of workers, you will definitely need carpenters insurance. The main cover of insurance policy for carpenters or tradesmen is the Public Liability Insurance policy. This type of insurance coverage will protect you if you need to pay a claim because during the process of conducting your business activity, you damaged or caused injury to another individual or to their property. As a carpenter, you most times, have to work with dangerous tools such as drills, hot glue gun, power saw, etc., so it is important that you get carpenters insurance in order to protect your business from crashing like a pack of cards when someone makes a claim. The public liability insurance can provide you with additional covers such as Busine...
Post a Comment
Read more

Facts and numbers on car insurance of Illinois

There are a number of insurance companies operate in Illinois, cover a wide range of properties. There are several companies that provide this amount of coverage for property belonging to residents of Illinois. Illinois auto insurance companies provide coverage for many different vehicle since the after State insurance system, which means that anyone is guilty in tort for causing an accident, you must pay for the damage, as well as the medical bills of all injured passenger or pedestrian is involved. Average insurance in Illinois than $909, which is much lower than the average of national $1,678. More expensive cities are found: guarantee increases $1,290 in Chicago, Rockford, $1,008 in $1,178 baorora, $1,132 either Joliet, slightly above 1,000 in Springfield. Minimum requirements for insurance in Illinois are 20/40/17 on liability and Uninsured/Underinsured driver, 20: 40 A. any damage of one passenger, but not when there were more than $40,000 for any accident, $ 20,000 B. $15,000 o...
Post a Comment
Read more