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BUYING INSURANCE WISELY

Discussion in 'Business' started by Aseda, Aug 21, 2017.

  1. Aseda

    Aseda Active ChatMate Moderator Watchout - Actively Moderating Privileged

    An insurance is a written contract or a promise of reimbursement in the case of loss paid to people or companies. It can also be termed as protection against loss. Examples of insurance include life insurance, motor insurance, fire insurance, among others.



    Most people complain that Insurance companies mostly speak ‘languages’ that their clients do not understand. What they tell you when you are buying an insurance can be different from when you go to them for compensations. To be on a safer side, follow the steps I’m about to elaborate below. If you are thinking of not buying an insurance policy at all, well, you may reconsider your decision after reading.



    Things to Know Before Buying an Insurance Policy


    First, determine if you really need insurance. The purpose of every insurance is to protect in case of loss. If whatever you want to protect isn’t worth protecting, then there is no need to buy an insurance policy to protect it. For example, you cannot buy fire insurance at 10000 dollars to protect a building that cost you only 5000 dollars to put up. Again, if you don’t have anyone depending on you financially, there is no need to buy life insurance. The purpose of life insurance is to protect the economic well-being of your dependents if you die. If you don't have anyone who depends on you for financial support, you don't need it. If you have lots of assets that could be tapped to protect the income and lifestyles of your dependents, you also may not need it. But if you have few assets, lots of debt and dependents, you may need a lot. Life insurance is designed to fill the gap between what your dependents would have and what they'd need if you were to die unexpectedly.



    Secondly, don’t forget to pick the type you need. You may need a peril insurance for your building and not necessarily fire. If for example, your building is located close to a river that sometimes overflows its banks, then you need to insure it against water. If you go in for just any type, in the long run when you want to be reimbursed for a loss, the insurance company from where you bought your policy may outmanoeuvre you with the law of proximity-the immediate cause of the loss.



    Furthermore, figure the right amount. This is where you determine how much to buy to cover what. Usually, your reimbursement after a loss depends on your premium thus, your contributions. Knowing the right amount to purchase helps you to be on a safer side whenever you encounter any loss.



    Lastly, shop for a policy. Find the price of the policy you want from different insurance companies and find the one with the most convenient payment plan for you.

    I hope this information will go a long way to help you anytime you want to buy an insurance policy. You can always come back to read more on your favourite insurance policies.
     
    Faustinus likes this.
  2. Faustinus

    Faustinus Addicted ChatMate Moderator Watchout - Actively Moderating Privileged

    You know I really don't trust Insurance companies. My car got crashed about 6 months ago but still haven't gotten my checque from my them yet. I need find a more reliable IC. Any you can recommend for car insurance?
     
  3. Faustinus

    Faustinus Addicted ChatMate Moderator Watchout - Actively Moderating Privileged

    Please Aseda, I hope you've not forgotten about my question.
     
  4. Aseda

    Aseda Active ChatMate Moderator Watchout - Actively Moderating Privileged

    no, I haven't forgotten about it at all. You can contact me on [email protected]. I'll help you solve your problem. tnx
     
    Faustinus likes this.
  5. Faustinus

    Faustinus Addicted ChatMate Moderator Watchout - Actively Moderating Privileged

    Ok, thanks Aseda.... I will DM you immediately. Hope you reply this time. :)
     

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