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The Insurance Boffin’s ‘Before You Buy Insurance’ Checklist

 

There is a lot of jargon used in the insurance world and it’s easy to get confused with the terms used, their meanings and implications. Do some research using resources such as the Insurance Boffin to familiarise yourself with the insurance process. Understanding what you are looking to buy will help ensure you get what you need.

 

Know your rights. The Financial Services Authority (FSA) governs the insurance industry and sets minimum standards on how insurance is to be sold. All companies involved in advising or selling insurance, MUST be authorised and regulated by the FSA.

 

When getting an insurance quote, you should always be made aware of the following:

 

· That you must accurately and honestly disclose all information which will affect your insurance.

· That all information will be treated as private and confidential.

· How long the period of insurance cover is for.

· What cover and benefits your insurance policy provides.

· What significant restrictions, conditions and exclusions exist on the policy.

· The name of the insurance company your quote is from.

· The name of the insurer for any add-on polices such as breakdown or legal expenses

· The total cost you will be charged for your insurance, which will include:

·     The individual premium for each of these policies

·     The Insurance Premium Tax (IPT) you will be charged

·     Any fees applied by the insurance company or broker

·     How long your quote is valid for.

·     Your cancellation rights.

·     The complaints procedure.

· That the company is authorised by the FSA.

 

It’s also handy to have the following information ready:

 

· Details of your vehicle, including registration number, full model and year of make. If you’re unsure, look on your vehicle registration document.

· Personal details of all driver named on your policy, including dates of birth, occupations and driving histories.

· Details of any claims made or any losses, accidents or incidents that you or any drivers named on your policy have been involved in, regardless of fault, within the last five years.

· Details of any motoring convictions in the last five years for all drivers named on your policy.

· Details of your No Claim Discount.

· Your credit or debit card or your bank details if you wish to pay monthly by direct debit - these will be on your bank statement or cheque book.

 

Armed and comfortable with this information you will be ready to arrange the best insurance for you!

The Insurance Boffin  E-mail: info@insuranceboffin.com

Disclaimer: Any information, advert or link contained on this site does not amount  to advice, suggestion or a recommendation in any manner or form.

The Insurance Boffin

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