|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
With the winter stepping on the way, many of you would be planning ski trips and vacations in the snow. The adrenaline rush of skiing cannot be experienced with any other sport but, figures have suggested that 58 people have died during their skiing and snowboarding holidays in the past four years. There is no denial of the fact that both these sports are risky and could be life threatening.
Many reports have proven the severity of the risk associated with skiing and it was found that 118 people were severely injured during Skiing and snowboarding accidents. Apart from these, the survey showed numerous less severely injured Ski enthusiasts. None of us would like to cut short our Ski adventure and rest on a hospital bed. However, research travel association ABTA and the Foreign and Commonwealth Office (FCO) suggests otherwise.
Both the organisations surveyed around 2,000 people and found that 33% of British snow sports practitioners had not read the small print of their travel insurance and still went on their Skiing trip. This was predominantly found in people above the age of 55 years as 46% of them said that they had not checked if the small print of their travel insurance includes the snow activities they were planning to do.
This was a sheer example of irresponsible travel. In order to encourage responsible travel, Mark Tanzer, ABTA Chief Executive said that “People heading off to the slopes this winter should make sure they are covered by the appropriate travel insurance. Winter-sports holidays often include activities that may not be covered by the usual insurance policies, so we would advise holidaymakers to check that they are covered for everything they plan to do.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
He added that “Unfortunately, accidents can happen and can lead to costly medical bills, but having appropriate insurance means people can rest assured that they are adequately covered.” To take some concrete measures and to help prevent Ski and snowboarding accidents, ABTA and FCO have teamed up with five-time Olympian Graham Bell to share his expert tips with the winter sports enthusiasts and help them deal with things with a responsible approach.
Graham Bell suggested the following tips for a healthy trip on the slopes:
First of all, the travel insurance policy must include all the activities that the winter sportsperson wants to do.
One must be in shape to face the slopes. Regular workouts that strengthen your core, glutes and quads should be done for weeks before the actual trip.
For first timers, the ground rule is to choose a resort that suits beginners. The place should have a nursery area and blue runs.
One must carry a high quality kit with helmet and other safety equipment that would help you deal with things if you plan to explore off-piste terrain.
Carrying your EHIC card is important to make sure you get appropriate treatment in Europe. Also, one must stay away from booze as it has a more potent effect at higher altitudes.
It is important to stay with the group so as to reduce the chances of getting lost on the slopes.
If you do not have travel insurance then you need to shop around and find the best travel insurance provider for your trip. Happy Skiing!!
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|