Yes insurance for many is a grudge purchase and have the mind-set that if I pay out I should get something for the money. In some degree insurance plays on fear just as the stock market plays on greed, and many times some people have over covered what they need. Over cover or Underinsurance are both signs of a bad deal.
Where prices through improved process of delivery have gone down there is a limit when it’s accepted to be uneconomic to go to nothing. On insurance there are always cheaper prices but there is always the hidden googly in that if you want cheaper, you can have less cover or pay a higher excess.
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Some are prepared to take the chance and see what happens and may be very lucky, but the nature of insurance is that it helps replace objects, contents, homes( at a full rebuild price), cars and so much more at market prices what are damaged beyond repair or need compensation for the likes of cyber cover or business interruption.
Can you establish a replacement of a family item? Not always because any replacement hasn’t the emotional attachment of Mum or Dad or a brother or sister. But it can help a lot if it’s been covered in the policy at the right price. When looking at what you pay for cover against the value actually many insurances are a steal on value for money.
In business many may think its ok to undervalue stock but were there to be a break in, or fire, or damage to the building – possibly caused by the next door building – that ruined all the contents and stock and they were not valued fairly at market replacement prices. You may find the Insurer either not paying out at all or only paying out a percentage of the value at best.
Business interruption is never thought of as an issue but think of how much you as a business subcontract of what you do, from phones and the internet to electricity and gas and that’s just the start.
Comparison sites have changed the way we insure but it’s not just about price anymore and you can buy all sorts of cover on the net but are you buying the right cover? Fake cover is just as bad as fake news and maybe a lot worse in some instances where it impacts.
You pay a lawyer or accountant to look after you and hope they do a good job but all your worldly assets, your company your medical care can be covered by insurance and in short if you pay peanuts you will get monkey polices which look good but offer little protection when you need it.
So please when you insure, and we hope you will use Trident Insurance, for all your insurances be they commercial or personal treat insurance as a serious benefit that could save your company, replace your home, car, ruined holiday and so much more.
For sure we are not saying pay though the nose, no way!! We look after our Clients. But remember under-insurance may look like a smart thing to do but it has serious downsides if you put in for a claim.
To put it simply you will not get a £1 for 50p and that’s where you stand with underinsuring your home, business, car and family.
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For more information on how Trident Insurance can help you please call 0800 038 9000
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