How Important Are You To Your Insurance Company?

Taking out insurance for the first time can be quite a challenging task for many of us. There are so many different policies to choose from, and so many insurance companies fighting for our attention – it can be quite a daunting experience! Therefore if we finally find an insurance policy with a company that doesn’t look all that bad, we tend to forget that there’s a whole wide world out there and we stick with our insurance company as if they’re the only insurance company on earth!


But is that necessarily the best route to follow? What is more important – loyalty to your insurance company or looking after your own interests?  The fact of the matter is that if you have been with the same company for a couple of years, you might not be quite as important to the company as you think!


{Sometimes, the grass is in fact greener on the other side and it might be time to take your business somewhere else. Think carefully about the following and then make an informed decision:The grass is sometimes definitely greener on the other side and it could be to your advantage to take your business elsewhere. Consider the following and then make an informed decision:}


Insurance companies spend substantial amount on advertising campaigns. And who is targeted in the campaigns? Their loyal, lifelong clients? No! Their only aim is to sign up new customers and sell new insurance policies. To them, an old client is about as interesting as yesterday’s news! The new members are offered discounted rates and other value added services – should this not rather be offered to you, their loyal client who has been paying monthly premiums for the past 36 months? By cancelling your policy and taking out a policy at a different company, you are now the “new customer” and will be treated accordingly – cheaper premiums and all!


When was the last time that an agent from the insurance company gave you a courtesy call to enquire if there is anything they can assist with?  Your insurance company is supposed to ensure that you are always receiving the best cover for your specific needs – what if your situation has in the meantime changed so drastically that you are now underinsured without even realizing it? If you only hear from your insurance company on the odd occasion that you miss a payment (the bank’s fault of course!) you should really ask yourself if you’re not wasting your time and money!


If you’re considering moving your policy to a different company, shop around. Compare as many companies as possible (at least 3 – 5) and don’t stop before you’ve find a company that you are 110% satisfied with. Getting an insurance quote is really as easy as falling out of a tree. If you need further guidance, you can always appoint a broker to help you. Brokers can assist you in finding a great deal as they are always up to date with all the happenings in the insurance world!


Once you’ve decided to do the switch to another company, your timing should be right. The best would be to wait until your current policy is up for renewal. If you simply choose not to renew your policy with your current company, there won’t be any penalty fees payable. However, if you want to move to a new company in the middle of your contract term, you might have to pay a hefty cancellation fine.


To avoid any lapse in coverage, it is a good idea to only cancel your current policy once your new policy is active with the new insurer.


Your insurance company must put your needs first. If you feel that you are not receiving the desired attention, don’t sit around and wait for things to change. Take action and switch to an insurance company where you will be appreciated again!

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