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What to Look for When Comparing Insurance Quotes

Wondering if you’re comparing insurance quotes properly? We know insurance quotes are flying around like popcorn what with all the hippos and marketing going on. We get it!

The South African insurance industry is competitive. Insurance companies go direct to the public, offering various benefits and types of cover to differentiate themselves from the competition. This makes comparing insurance for insurance (because they’re not apples) more challenging.

4 Things to Look for When Comparing Insurance Quotes.

Insurance quotes aren’t all the same, but you can get the easily through our site. From car insurance quotes to home insurance quotes, here’s what to look for.

1. Extent of Cover

This refers to the amount the insurer is prepared to pay out in the event of total loss of an item, and the number of perils the insurer is prepared to cover. This is not the same for every insurer. For example, some insurers do not include flood damage as a standard insurable peril on home insurance policies.

They can add this as extended cover to the policy, but it influences the cost of the premiums. When you determine which insurance quote to go for, make sure you understand how much you’re covered for and under which circumstances.

2. Obligations and Premiums

Sure insurance is more important than the premiums, but if you’re paying too much for it, you might be better off taking on all the risk yourself. The premiums must correspond to your risk as an individual or business. Also determine what other obligations you have in the contract other than premiums, as this may also invalidate your claim. If you fail to adhere to your obligations, your insurer can reject your claims. If the obligations are unreasonable, then it may be impossible for the insured to claim legitimately.

3. Excess

Many insurance plans come with an excess. An excess is the amount of risk you will need to take on yourself. Before paying out a claim, an insurer will expect the insured to pay the excess before paying out a claim.

This protects the insurance company from smaller claims and insurance fraud. The higher the excess, the cheaper your premiums will be. When comparing an insurance quote with another, check the value of the excess. If it is percentage based excess, you will pay more for bigger losses.

4. Benefits

Insurers include a range of benefits with most of their insurance quotes, such as roadside or emergency assistance (even for home insurance), callout fees for services such as locksmiths, electricians, and plumbers. It can also include cover for smaller items like groceries, items in your car at the time it was stolen, and more. The difference between one insurance quote and another could be the benefits and cash-back bonuses. These could make it more worthwhile.

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