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2-min read

Things you Need to Take Care of Before Buying Insurance

Some providers will have better plans for certain kinds of insurance, and some will provide better cover for a different set of scenarios.

Updated:May 1, 2019, 5:51 PM IST
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Things you Need to Take Care of Before Buying Insurance
Some providers will have better plans for certain kinds of insurance, and some will provide better cover for a different set of scenarios.
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While getting an insurance is super important, be it life, health, car, or travel; not knowing what you are getting into before you buy one can spell financial doom. Here are some boxes that you need to check before you settle for an insurance plan:

1) Know why you need insurance:
While buying insurance is important, people tend to buy it just as a backup plan without any head or tail regarding why they need it in the first place. One needs to know why insurance is needed, which will in fact help in choosing the best one for maximum cover.

2) Research:
There are umpteen insurance providers out there, online and offline. Make sure you do your homework before you settle for one. Some providers will have better plans for certain kinds of insurance, and some will provide better cover for a different set of scenarios. Be very specific in what kind of insurance you need and require, and research accordingly.

3) Compare:
This is the next most important step. While after research, there might be some amount of confusion between different service providers, there are various comparison sites where you can get finer details on which insurance provides what. Make sure you shortlist a minimum of three providers and compare them thoroughly to get the best deal for your insurance requirement.

4) What it covers and it doesn’t cover:
Insurance providers are very explicit about the things and scenarios that will be covered under the policy, but rarely will they speak upfront about the ‘exclusions’. Make sure you get confirmation and details about what is covered and also what is ‘not covered’ under the policy, lest you know of it after the damage has already occurred.

5) Don’t look for cheap ones:
When it comes to insurance policies, the age old saying of ‘cheaper is better’ doesn’t stand true at all. While there might be many online insurance providers that will claim to provide a gamut of services at a much lower rate than the market, they are most probably false claims. Cheap insurance prices don’t necessarily mean better cover. Don’t be stringent when it comes to spending for an insurance policy, as at the end it is for your own good.

6) Get your details right or get rejected
Many insurance policies might reject the insurance claim if there has been any misrepresentation of details from the customer’s side, as no company is legally obligated to honour any sort of claim if the application isn’t entirely truthful. While applying for an insurance policy, or even later while claiming insurance, the forms filled must be read through and properly filled up.

To know more, click here.

This content has been created in association with YONO SBI
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