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What to consider when choosing car insurance cover

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A great policy is nothing if it does not come from a great company. When making the decision to buy an insurance policy, you will do well to consider whether the company is a great company. To make this decision easy for you, here is a short list of the things you need to consider when evaluating the company to buy insurance from.

  1. company that pays claims promptly

As a rule, insurance companies are very aggressive when it comes to collection of premiums. Once you have signed a deal, the company will work hard to make it as easy (and urgent) for you to pay up your premiums. Your premiums payment is a revenue for the insurance company. On the other end of the stick, when you make your claim, any insurance company will not be as eager to pay out the claim. For the company, that is an expense. The good news is that provided the company cannot prove foul play on your part, it is obliged to honor your claim. When shopping ask them about their claim settlement plans and practices and compare the period and conditions, they attach to claims settlement against their rivals. Choose a company that has the best claim settlement practices.

  1. A company that has good financial health

The financial health of an insurance company is the best guarantee that the company will honor your claim should you need to make one. How do you tell whether a company is in good financial health? The answer is actually very simple. Google it! If a company is in trouble, you are likely to find information about their troubles online. Also check the Insurance Regulatory Authority (IRA) website and other reports from leading audit and financial services companies. If you see any red flags, move on.

  1. A company that is growing

If a company is growing, then it is doing something right. You want to be part of a company that is actually becoming better at what it is doing. Again, you can get this information online to help you evaluate whether to be part of the company or not.

  1. A company that has great customer service

Car insurance companies in Kenya struggle with one thing, more than any other-customer service. The nature of insurance makes it very challenging for any company to keep up with all its customers. In many cases, the only time the company interacts with its clients is when it is handling premium payments. You want to be a part of a company that values you as its customer. Analyze your interaction with the marketing staff, see how you are transited to underwriters, and how well the company serves you. How well do they support you as you make your buying decision? Is their website friendly?

  1. A company that Keeps in Touch

One of the ways of knowing whether you are in good company is by whether your preferred insurer actually keeps in touch with you, quite apart from when your premiums are about to fall due. Many companies stop communicating with you as soon as they have your business, a terrible mistake. A quick way to tell whether a company is good at keeping in touch is sending unsolicited emails and evaluating how long they take to get back. You could also check how quick they are to respond to you in social media and when you fill the “contact us” form on their website. A company that keeps in touch is likely to be supportive should you need to make a claim.

  1. A company that asks reasonable premiums

The answer to a good policy is not a cheap policy. We like to think of it as a competitive policy, one that just meets you needs, and at the right price. If two companies are offering you policies that are exactly alike, and one charges lower, by all means take the cheaper one. However, don’t equate a cheap policy to a good policy. In the same way don’t assume an expensive policy is a better policy. Find out what is included and what is excluded. Usually you will find a catch somewhere.

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