The online availability of insurance products has made the buying of general insurance an easy process. Now, you can get an insurance policy with a few clicks at your computer, even in the middle of a busy day. However, if you are buying online insurance for the very first time, you may need a bit of help and guidance. To set you on the right track, here are a few dos and don’ts that you need to keep in mind when buying coverage online.
DOs when buying online insurance
Make sure to follow these 3 DOs when you buy insurance online –
- DO compare plans across providers
When you opt to buy an insurance plan online, you are essentially in the driver’s seat. While you get full control over the plans that you select, you are also responsible for your selection. This means that you choose your plan minus the guidance of an agent. To ensure that you make the right choice, compare plans across a few insurance providers.
- DO read customer reviews
It is advisable to know what other people have to say about a particular insurance company. For instance, if you are buying a plan as important as home insurance online, make sure to compare the extent of coverage offered across a few insurance companies. This way, you will know that you are getting your money’s worth.
- DO check the claim settlement ratio
The claim settlement ratio tells you the percentage of claims settled by the insurance company (total claims settled over the ones received). A good ratio indicates that the insurance provider is a reliable one.
DON’Ts when buying online insurance
Make sure to keep the following DON’Ts in mind when buying insurance online –
- DON’T let someone else fill up your details for you
When going through the process of buying insurance online, make sure that you fill up all the details yourself. For instance, if you are buying online travel insurance, do not let an assistant at work fill up your form for you. If they make any mistakes in the details, you might face hassles later on when raising a claim.
- DON’T neglect going through the fine print
While it is important to know what your plan covers, it is equally important to know what it doesn’t cover. Before going ahead with the purchase, make sure to read every detail of the policy wordings carefully to see what the exclusions are.
- DON’T give false information
Finally, always be truthful when filling up any details for your insurance policy online. Never attempt to hide information or withhold any information. For example, if you purposely withhold information about pre-existing diseases or habits like smoking, your claims may even get rejected in the future. Remember that your insurance provider can only help you with the right information.
With these DOs and DON’Ts in mind, we are sure that you will make the right choice when buying online insurance.
All the best!