Why Compare Insurance Companies

Because you're reading this, it's likely that you have already decided to take out insurance for yourself, your loved ones or your business. Whatever type of insurance you choose, it's obvious that you understand the value of being prepared for the unexpected. Nobody knows if and when you will get seriously ill, or when your business could suffer from a loss of a key employee, and you're making sure that you could at least mitigate the impact of these events by being insured.

You probably shopped around for insurance too. But with many different insurance companies out there offering various types of insurance policies, it's too easy to get confused and make the wrong choice. It's still important though to not stop searching until you found the perfect policy for you. And you can do this by comparing rates of different insurance companies. Why? Here are some compelling reasons:

  1. The cheapest policy isn't the always the best one. We all want to have a great deal. But as with other things, don't let the price necessarily dictate your buying decision, especially if your future is at stake. The reason for this is that many of the cheapest policies are the ones that provide the least amount of protection. It could be that they could afford to offer such low prices for their premiums because they would also offer you add-ons and you would end up paying more.

    The same thing goes for policies coupled with lots of features. The add-ons may not be too important to you that you would still be fine without them, so ditch them and save a bit more. What you need to do then is compare insurance companies and see who can give you the best balance between features and the price of premiums. That's how you get the best value for your money.
  2. The devil is in the details. By comparing insurance companies, you also get to compare the details of their offers. This is also important because they might be hidden charges in the deal that you might not be aware of unless you are extra careful. Also, the details would tell what you're actually being covered for. The last thing you want to happen is find out later on that you aren't actually protected from a certain condition. You would have found that out had you read the details of the policy. So before you choose one, make sure you read the details first.

Here at Rate Detective, our consultants are ready to help you find the best insurance policy for your needs. They will ask you the right questions and consider your personal circumstances so that they can provide you with personalised rate comparisons of Australia's top insurance companies. Contact us today for more details!

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Published on May 5-th, 2013 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.