How Does Your Insurance Compare?
Posted on 30 March, 2017
Have you ever wondered how your car and home insurance policy compares to other providers? If you’ve ever gone out and got quotes from multiple insurance companies and compared their prices and overall coverage you’ll probably already know that insurance policies are very complex documents to read and they vary greatly between providers.
This is why knowing your options, and understanding exactly what it is you’re purchasing when it comes to your home and contents, and car insurance is so important. But, purchasing insurance isn’t exactly fun, and finding the time to compare all of the products on the market is incredibly time consuming; that’s where we come in.
And the icing on the cake is that your broker will be able to represent you at claim time to assist with advice to obtain a hassle-free, prompt and importantly a fair payment settlement – instead of battling through this process on your own at the mercy of a corporate claims department.
How Do Brokers’ Policies Compare?
Brokers that specialise in personal insurance can often negotiate additional coverage benefits with leading insurers because of the broker’s high volume buying power on behalf of their clients. For example, Donnellys who have been specialising in personal insurance broking for over 40 years in SA can offer a comprehensive car insurance policy which includes cover for non-standard accessories automatically, Replacement of car as New if written off in first 3 years ( 4 years for luxury cars ), finance interest debt coverage, loan vehicle cover and much more that is often not available directly from the same insurer.
The same goes for your home policy with a choice of standard cover or executive style which is much more comprehensive in its coverage. Not all insurers offer the executive style of policy and those that do often offer restrict cover to avoid claims. One special benefit that Donnellys can offer clients mechanical and electrical breakdown of machines that are up to 15 years old, which is not available from insurance providers directly.
It’s not uncommon for insurance suppliers to provide the bare minimum coverage in order to keep their price competitive and offer one-time incentive offers which disappear on expiry of the first year term. Insurers selling direct have no legal obligation to consider your protection needs and also legally they cannot compare other polices in the market – so it is buyer beware!
To get a better idea of how policies compare to others on the market, you can view Donnellys Comprehensive Car Insurance Market Guide here, and their Accidental Damage Home and Contents Insurance Market Guide here which is available free of charge.
What does it cost to use a broker’s services?
The idea that it must cost more to buy insurance through a middleman does not apply to insurance brokers. Insurers include an administration expense into their premium calculation for their staff to perform the service to customers or alternatively pay a commission to brokers to handle the transaction electronically on their behalf.
Not all brokers handle personal insurance as they often prefer larger business accounts but Donnellys welcome all personal insurance enquiries. Donnellys charge a small fee for their service but in most cases this is offset by special discounts negotiated for their clients.
When you consider that you can get professional broking advice to make sure you get the right policy at the right price and claims assistance to make sure your claim is paid correctly and efficiently, why would you try to be your own broker without any training or knowledge of insurance contract law?
As a result of the recent hail storm in Adelaide, a client sustained major roof damage with an estimated claim cost of $35,000 to replace the half damaged part of the roof. Donnellys claims expert noticed that there was in fact damage to two-thirds of the roof so we argued that the whole roof should be claimable.
As a result of our intervention, our client will have a new roof constructed at no expense to them for a total replacement cost of $70,000!
Donnellys will welcome your enquiry about any personal insurance policy.
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