Wise words which apply to many things in life. The few dollars saved from buying a cheaper product are soon forgotten when the product is found to be defective, does not deliver what you thought it would or needs replacing after a fairly short period of time.

The same applies to insurance and that’s why you need to get advice. You only find out how good your insurance cover is or whether it's enough when you go to claim on it and by that stage, it’s too late. That’s not the time you want to discover your bargain cover does not deliver what you thought it would.

Buying an insurance policy is all about the promise – when I need it, can I claim on it?

The price of insurance is a combination of many factors – the number and scope of benefits provided by the policy, the cost of reinsurance, insurer claims expectations and claims experience, the cost of writing the business (paying brokers, advisers, bank staff or employees) and many other factors. A cheap insurance policy is generally cheap for a reason – something has to give to reduce the cost. This could be reduced or restricted benefits provided, limitations in what can be claimed and when or needing to deal with a generic call centre for any service among other things. 

Our recommendation? Road test your current insurance arrangements and work out if they will deliver what you think they will when you need them to. Get some advice, contact us to review your insurance requirements today - we'll even supply the coffee!