There are a number of insurance benefits that one can receive if one takes up insurance online. However, not many people know some of the secrets of shopping for insurance online but all is not lost.
These are some of the secrets of shopping online than can help one get an insurance plan that is comprehensive and at the same time value for money. Here are five secrets of insurance online that will help one save on one’s insurance plan:
- Select deductibles wisely
- No claim bonus
- Comprehensive cover
- Don’t mix business with pleasure
- Applicable riders or add-on plans
Each of these points has been explained in the following sections.
Select Deductibles Wisely
An important point that one should keep in mind is that it is important to select the deductibles with care while selecting insurance policy online. In this way, one will be able to receive more benefits.
The concept of compulsory deductible refers to the amount paid by the policyholder before the insurance company settles a claim. It is a common misconception that the deductible reduces the premium amount, which is not completely accurate.
Note that the insurance company can reject a claim on the basis that the claim amount is lower than the deducible. For this reason, the rate of the standard deductibles is high and it keeps away policyholders from filing claims.
No Claim Bonus
The no-claim bonus is offered with car or vehicle insurance to reward policyholders who have not made filed a single claim for a particular year. In a way, not filing a claim indicated that the policyholder is low risk and the reward is a reduced premium that one will enjoy.
However, most people are unaware of the fact that the no claim bonus is portable when one switches from one insurance policy to another. This means that one would not lose out on the bonus earned over the years since it can be added to the new plan.
Another detail that one must keep in mind that policies with only third party cover are not eligible to claim, no claim bonus. The upside is that this type of coverage is applicable for its own damage premium.
A comprehensive insurance plan online offers umbrella benefits to the policyholder. However, it need not necessarily cover each and every possible provision and it is essential that one is certain about the coverage being provided and the exceptions for any given plan.
This is the reason why policyholders must always read the offer document carefully before purchasing an insurance plan. For this reason, one should compare as many policies as possible and conduct a detailed study based on one’s requirement and then select a plan that best suits one’s needs.
On the plus side, most of the essential requirements will be covered by the comprehensive insurance plan online, which is great. At the same time, one should shop around and find one that best suits one’s needs.
Don’t Mix Business with Pleasure
If one is traveling one business then ideally one must take up business travel insurance, which is specifically designed for travel related to business. This form of insurance is different from, say, family travel insurance.
For this reason, it is always best never to mix business with pleasure as it may create a grey area and as a result in the rejection of insurance claims. As long as this distinction is made one has all bases covered with nothing to worry about.
Also, one must check the eligibility criteria as well as the specifications of the insurance plan before taking it. So, there won’t be any disputes with the insurance provider and conflict of interest resulting in out of pocket payments and unnecessary hassle related to it.
Applicable Riders or Add-on Plans
As mentioned earlier, comprehensive plans may not have certain provisions but there is another option available to policyholders. The easiest and the most convenient option would be to add a rider or add-on plan that will cover this.
For example, if one is sure that one will take up scuba diving and trekking during the trip then it is advisable that one purchases an add-on insurance plan. This is not a provision that is usually included in comprehensive insurance plans but one can add it to one’s plan.
It’s always a good practice to make a list of the requirements that one has before taking up an insurance policy. This way there won’t be much to worry about whether a claim filed will be accepted or rejected. it is a quick and simple process that one can follow.
There are a number of benefits that one can receive, which most people are unaware of and these tips will help one zero in on the best possible plan available to suit one’s needs.
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