What Should You Ask Your Insurance Adviser?

If you’re thinking about getting insurance, these are the top questions to ask your insurance adviser:

1. What type of insurance policy do you need?

Many insurance policies depend on what you require as a business owner, homeworker, organisation or individual. So first, ensure you explain to your insurance adviser why you need a policy cover so that they can advise you accordingly. Then, depending on your needs and risks involved, your insurance adviser will give you a list of options to choose from.

2. What does the policy cover?

Once you choose the insurance policy that is most appropriate for you or your business, ask the adviser to explain what the insurance covers. For example, most insurances cover compensation and legal fees. However, this can differ from one insurance to another. So ensure you ask what is covered by the policy.

3. What is your premium?

You should know the monthly amount you are paying for the insurance. Find out what it cost to be insured and their payment options.

4. What is your deductible?

The amount of money do you need to pay out of pocket if a disaster were to strike? If you are ever required to file a policy claim, do you understand your out-of-pocket payment? Enquire from your adviser about deductible and make sure it fits within your financial budget.

Choosing a higher deductible lowers your premium. Also, ask if having a higher deductible is an advantage or disadvantage?

5. Are you suitable for any discounts?

Is there a multi-policy discount you may be eligible for? For example, can you take driver’s safety courses for a lower premium? Most agencies offer policy discounts through certain safety additions or home upgrades. Let your adviser take you through these discount scenarios to see if you can save some money.

6. The procedure of filing a claim, and how long does it take?

Make sure you ask about the process of filing a claim and how long it will take to get paid. Don't assume the approach of another insurance company is the same as the next. It is essential to stay informed.

7. Are they accessible after business hours?

Events and risks can occur after business hours. Hence it is crucial to know if your insurance company is accessible past business hours and how they handle emergencies.

If you’re looking for someone to answer these questions for you, talk to the team at Insurance Advisernet. Our insurance advisers are here to help you find the right insurance for you. Visit our website or contact us for more information.