Insurance companies are great at selling you policies you either don’t need or which seem a great deal at the time compared to the other offers around. The problem comes, though, when you have to make a claim. Insurers don’t like to pay out and the whole feeling of the deal you made with the company at the outset can feel very different when it’s time to make a claim.
It’s at times like these that you wish you’d gone with a better company rather than taking out the best possible price you could find at the start of the policy. But that’s the game all insurers play; it’s a basic numbers game. The trouble is that some companies are better at this game than others – which makes them worse for you, if and when the time comes to make a claim.
The bottom line here is that it isn’t always the wisest decision to go for the cheapest policy you can find on whatever it is you’re looking to insure. The devil is in the detail. What you need to try and do instead is to understand the fine print and gauge the experience of others who have had to make a claim against the company you’re considering.
But who really has the time and inclination to do all this right? So what we need is a shortcut and the best way of doing this is to start out with a company you can trust – then make sure their basic deals are at least in the same ball park as the rest of the market. In this way, you shouldn’t go too far wrong.
One quick and easy way to achieve this is to seek out your Trade Union insurance company if you have one. Union insurers are usually mutual companies – so they’re run for the mutual benefit of their members – i.e. you if you take a policy out with them. This also means they’re generally run along more ethical lines – otherwise your union wouldn’t support them. In this way, you can quickly and easily find an insurance company you can trust – one that won’t let you down when you really need them.
Bio: Clare is a finance writer who knows all about how important it is to make sensible financial decisions. As a member of a trade union, Clare found that a Trade Union Insurance company was the best choice for her when it came to deciding where to take out insurance. She is an advocate of ‘doing your homework’ before making any financial decision.