Insurance

Insurance helps you with mitigating risks of unexpected unfortunate events and decreases financial loss in case of accidents. You can get insurance on your life and health, as well as you property and other things. Vehicle, motor own damage, home, property, life and travel insurance contracts are the most common insurance contracts.

You can sign the insurance contract yourself, either directly through an insurance association, or using the help of an insurance agent or an insurance broker. When choosing an insurance service provider, ask for advice from customer service personnel, friends and acquaintances; you can also browse the web on the same topic.

Before making a selection, compare different options on the basis of the offered price, maximum sum of insurance coverage, terms and conditions. Prior to signing the contract, read through all the terms and conditions, including the fine print. If something is left unclear, ask specifications from customer service personnel. Prefer an insurer whose clear and comprehensible terms and conditions include all important aspects.

If you have selected the services of an insurance broker, remember that the broker’s legal obligation is to represent your best interests and recommend an insurance option that is best suited to your needs and budget. Before you choose between the options provided by the broker, check whether the specific insurer does not offer the same insurance option for a lower price on their website. Oftentimes you will get the cheapest offer if you sign your insurance contract directly with the insurer via their homepage.

Figure out,
  • what risks do you want to cover?
  • what is your liability?
  • how big are the monthly payments;
  • how big is the maximum compensation;
  • what exceptions will mean that the damages will not be compensated (extreme sports, alcohol consumption etc.);
  • how should you notify of an insured event and in what time period should you do that;
  • who is the actual insurer (if using an insurance broker).

Make sure that all significant events, in the case of which you want protection, are included in the insurance contract in very clear terms in order to avoid potential disputes about the existence of insurance cover.

Remember!
  • There is no 100% insurance cover.
  • Do not base your choice of insurer on the cheapest price; take other factors into account as well.
  • Insurance cover may be disrupted if you do not fill your contractual obligations.
  • The insurance undertaking is not obligated to reimburse more than the actual extent of damage, even if the contractual insurance sum or the maximum threshold of disbursements is higher than the insurance value at the time of the insured event.