Shopping for the right insurance company to cover a home, car, mpv or minibus just makes good common sense. An insurance policy is like anything else a person invests in, the best possible deal for the right amount in coverage is just being frugal. Comparing what levels of cover that minibus insurance brokers provides is taking a key step in finding a policy that will fit with your individual requirements and at the right price.
The Right Time to compare Prices of Insurance Coverage
● On average three to four weeks before a policy expires is prime time to begin looking.
o By beginning early there is time to look at what is available from several different insurance agents.
o This avoids the panic decision.
o Many insurance agents will offer competitive quotes to get your business.
Independent Agents vs Large Company Agents
● Independent agents
o Have lower overhead.
o Can offer more personal service.
o Generally have the interest of the customer as a priority.
o They can offer several policies from multiple companies.
● Large corporate agents
o Have high overhead
▪ Franchise fees.
▪ Advertising costs.
o Very popular because they are well known.
▪ Higher volume of customers can lead to less personal service.
o Can only offer what their company provides.
▪ This limits the choices and policies a consumer will be offered.
● Many insurance agents receive a bonus for having a customer switch to their organization for a policy.
o By making an inquiry into this, the new customer can receive part of this as a cash back incentive to take out a policy.
Questions about Yourself
When comparing the different types of policies from several different insurance companies there are correct ways to answer questions and other ways that will cost a person more with higher premiums.
● Listing a Profession
o Each type of profession already has a premium cost associated with it by the insurance company.
o The higher the pay scale the higher the cost of a premium.
▪ The word ‘manager’ has higher premiums than ‘staff’ when associated with a job title.
o Be specific but do not exaggerate your position.
o Always be truthful.
▪ Improperly listing an occupation can invalidate a policy.
● With car or minibus insurance the listing of a secondary driver.
o At times having a secondary driver listed can save money on the insurance premium.
o This will help reduce the cost of a premium if the primary driver has accidents and tickets against them on their record.
o The secondary driver should have a clean record.
▪ The secondary driver has to real and uses the vehicle.
● False statements are illegal and will negate the policy.
Paying for the Insurance Policy
● For some types of coverage it is more advantageous to pay the total cost of the policy up front rather than pay monthly, while on others it is just not practical.
o When possible pay the premium annually.
▪ This will reduce the total cost of the premium.
● Many insurance companies add interest when payments are spread out over time.
A vital fact that should be remembered is that when comparing insurance policies from competing companies, the coverage has to be similar. This has to include cost, type of coverage, deduction amount and any bonus.