Insurance – Be Cost Conscious

In an Ideal world, Insurance should actually be about taking steps to ensure the coverage of a precious item or even person for that matter. that is you make a contribution so in the event that that item becomes damaged or something of the sort, you can either recover it or be better prepared to recover it or in the case of death not feel all the loss (at least economic wise) usually associated with it. Whether this is always the case becomes another matter entirely.

For the insured, it should be. But for the company, the are as a matter of fact more concerned about their balance sheets. So its all about making profits and staying profitable.

Since we now know that for the insurers companies it is all mostly about profits ( if you were a share holder in an insurers company you would certainly be expecting profits), we need to know how this affects us.

If you make a claim, the insurer wants to be sure they can honor your claim and have some change called in other words profit and to ensure this, the insurer takes a close look at you and classifies you based on some criteria. Based on these, they come up with a rate that should ensure that if they are to honor a claim, they would do so and still be profitable.

You as an individual can profit from a change of attitude. think like a profit minded company and ask yourself certain questions which should include some of the following.

Is this the best deal I can get? Can I get something better elsewhere.

I’m I getting value for my money…..etc

Having asked these and other questions, you would want to get answers for them. The very first and easy way to do so is to find out what other insurers are offering and from their you can make a decision.

It is quite easy to know what is on the offering at the other side. Just get quality free quotes and that information would be made available to you and you would be on your way to being profitable too.