How to buy insurance?

Policies and prices vary between insurance companies, so shop around for the best cover for your needs. There are several ways to purchase insurance. You can do your own research before purchasing a policy, or seek professional advice if you’re unsure about the type of cover you need.

You can purchase insurance:

  1. directly from an insurance company, online or by phone
  2. through a price comparison website that will compare the cost of the insurance product you want from different insurance companies
  3. through an insurance broker through the British Association of Insurance Brokers (BIBA)
  4. through financial advice through the Association of Professional Financial Advisors and/or, a comprehensive website where you can find professionals, professional financial advisors
  5. as part of another package, such as with a bank account or construction organization

Things to keep in mind when buying insurance

  1. what you need your policy includes
  2. what you don’t need cover for. Don’t pay for unnecessary surcharges that will drive up your premiums. For example, if you’re buying motorcycle insurance, think about whether you need your policy to include free auto insurance.
  3. What exclusions may the policy have?
  4. who the policy covers – you, your family or loved ones
  5. shop around for the best deals, but never buy on a price-only policy – the cheapest policy may not meet all your needs
  6. make sure you answer all insurance company questions truthfully and to the best of your knowledge – information your insurer needs will be relevant to the policy you are purchasing . For example, for health insurance, tell the insurance company your complete medical history, or for motorcycle insurance that disclose your entire driving history. If you’re not sure if the information is relevant – include it. For more – see the Consumer Insurance Act.
  7. people in certain situations (such as those with a criminal record, bankruptcy history or being of a certain age) may have a harder time accessing insurance, but they can often find relief. insurance through an expert broker via BIBA
  8. if you are not sure what type of product you need, visit the Money Advice Services (MAS) website for more information. The MAS is an independent agency created by the government to help people get the most out of their money.
  9. make sure you are buying a policy from a genuine insurance provider – for more information see illegal insurance advisor
  10. If you have a criminal record, check out the Unlocked Insurance Information Center

After purchasing a policy

You should read the full terms and conditions of your policy. They should be clear and easy to understand. If, after reading your policy in full, you think the product you purchased may not be the right product for you, or if you have any questions, contact your insurance company immediately. friend.

When you purchase this policy, you will have a pause period, during which you have a certain amount of time to cancel it, should you change your mind.

Insurers have a regulatory obligation to offer a pause of 14 to 45 days, depending on the type of product you purchased. You will find more information in the Your Right to Change Your Mind document, which you will receive as part of your policy document.