Insurance Quotes: The Ultimate Guide

Insurance Quotes: The Ultimate Guide

05.Oct.2021

Insurance quotes are the first step towards securing insurance coverage for you and your family. This guide will help you understand how to find quotes, choose between options available to you resulting in you getting the best value for money.

What types of quotes are there?

There are two main types of quotes:

• Single life cover

• Family/joint life cover

Single Life Cover  This is where a single individual places insurance on his life, which pays out upon his death only, so any dependants left behind would not benefit from it. A single-life policy has no other payouts or claims made on it other than on the death of that person. These policies are usually very cheap due to their simplicity. Family/Joint Life Cover  This is a single insurance policy that pays out on the death of either member of the family. This gives the insured more flexibility as it will pay out if anyone person dies, so there is no need to take out separate policies for each individual as you would with a single life cover. These policies are much more expensive than those that cover just an individual as they include an element of risk-sharing between persons insured.

How do I go about getting Insurance Quotes?

There are various ways to obtain quotes from US, UK, and CA insurers: • Websites - We recommend conducting your search using our website, comparing deals from a wide range of leading providers in a short space of time, and allowing you to make an informed decision to suit your individual requirements. • Brokers - As well as finding quotes online, you can seek out specialist insurance brokers who will compare deals for you and even haggle with insurers on your behalf. Make sure that they are members of the Association of British Insurers (ABI) or the General Insurance Standards Council (GISC). • Friends/Family - If you know anyone that already has a policy then ask them where they went before committing themselves to it. They may have been recommended by someone else, so now is the time to cash in on their experience! • Directly via insurer - Some companies offer policies directly themselves, rather than using intermediaries so check out if any insurers offer direct sales. Try speaking directly to an individual via their website or call center.

• Commercial websites - Most major insurers now offer coverage for business workers, with some even offering cover for the self-employed. We recommend conducting your search using our website, comparing deals from a wide range of leading providers in a short space of time, and allowing you to make an informed decision to suit your individual requirements.

How do I compare quotes?

To obtain the cheapest quote possible, it is important that you conduct extensive research before committing yourself to anything. Here are some key points... • Make sure that you are getting the level of cover required – Highlight exactly what level of cover they need (i.e. $100,000)  Remember that they may require certain features e.g. Legal Expenses may be required for a solicitor

• Make sure that you are getting the right kind of cover, with enough exclusions where necessary – Don't just compare on price alone, but also make sure that they are comparing like with like. For example, don't compare car insurance quotes without legal expenses with comprehensive policies without legal expenses as the latter will not cover them in an accident. • Ensure that it covers what they need e.g. Medical Conditions/Employers Liability - If someone has any pre-existing conditions or if they work with young children (such as teachers) then this could mean your quote is invalid under section 145 of The Consumer Credit Act 1974

• Make sure you factor in the Excess – This part of the deal is usually negotiable, but once you have found a quote that suits your needs then it might be worth checking this out to help lower the price.

• Check how much they will need to pay for any claims – Don't forget to check if they will need to pay anything towards their own or their spouse's/partner's claim and make sure that there is enough money available in the policy (i.e. Make sure your chosen insurer has not set a limit too high for them).

• Ensure you get an appropriate level of cover - Do not sign up for something that offers more than what they actually require as no one likes paying over the odds unnecessarily! Remember though that some companies offer higher levels of cover with no excess or a sliding scale of excess, so if you have a higher income then it is worth checking. • When comparing quotes - Never just accept the first quote that is offered to you as a little haggling could save you a lot of money! Remember, most companies will come back with an offer closer to your budget if they find out that there are cheaper quotes elsewhere. Don't forget about those special offers e.g. New Car/Household Insurance – Make sure you check all possible promotions as they can help reduce costs further

• Check what type of payment plans are available – Paying upfront will mean lower premiums, but not everyone has this amount available at once and some insurers may only offer monthly installments.

• Check for any discounts – If you have more than one policy with the same insurer, then you may be able to get a multi-policy discount which can help reduce costs. • If they are traveling outside of their Country - Be sure that cover is given to those going on holiday but also ensure that there are no restrictions placed on their travel e.g. Certain countries/regions/cities may not be covered

Above all, make sure that your quote includes everything they need and ensures good value for money, as it is important that they know exactly where they stand from the outset! While it might seem like a daunting task at first glance, taking out the time to plan what you want and comparing quotes online makes things a lot easier in the long run!

For a complete guide on protecting your loved ones, covering all possible eventualities, and avoiding paying over the odds to protect yourself then check out our [Channel]. If you have any questions or would like to see more information about How To Compare Insurance Quotes Online, please feel free to leave us a comment below.