Are you making any of these insurance mistakes?
To help you avoid or sort out any issues with your cover, we’ve put together some common mistakes people make with their insurance.
You’ve likely got insurance in place for at least some of the things you value, but do you actually know what you’re covered for? And is it still relevant for you today? These are just some of the questions we can forget to ask ourselves when it comes to insurance.
To help you avoid or sort out any issues with your cover, we’ve put together some common mistakes people make with their insurance.
1. Taking out the cheapest insurance option
Buying insurance solely based on the cost instead of its suitability for your needs is a bit of a no-no. You don’t need to fork out a lot of money for cover you don’t need, but make sure that what you do have covers you should the worst happen. It’ll end up being far more costly if you need to make a claim that isn’t covered by your policy.
2. Not understanding your cover
Insurance policies can be full of jargon and it can be a struggle to understand just what your policy includes and what it doesn’t. To help you make sense of it all, it’s important to seek the help of a professional. A financial adviser can talk you through your policy so you know how it all works and what you can claim for should the need arise.
3. Taking a set-and-forget approach to your insurance
Because your life changes fairly often, from new homes to new additions to the garage or family, your insurance needs to keep up to make sure your cover is still what you need. Every time you do have something change in your life, you should take a look at your current policy and sit down with an adviser to talk about whether it’s still suitable for your circumstances.
4. Failing to disclose relevant information
When you’re getting your insurance policy set up, it’s important that you disclose all information that might be relevant. If you don’t, your cover might be invalid and your claim denied. If you’re not sure whether something is important or relevant, it’s a good idea to disclose it anyway, or talk to a financial adviser for help.
5. Not seeking help from the professionals
A financial adviser is someone you absolutely want on your side when it comes to getting your insurance sorted. Not only can they talk you through your options and recommend cover they think is best for your situation, they can also advocate for you when it comes to making a claim. With an adviser, you can rest assured that you’ll have the right cover, when you need it.
If you’d like to chat further about getting insurance sorted or reviewing your current policies, get in touch for a no-obligation chat. We’d love to help you protect the people and things you value most.