Friday, March 7, 2014

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More often than not, an insurance claim is held up or rejected because the policy had a mistake upon it. This article has a few tips that will help you avoid making some of the most common mistakes when creating your insurance policy. These tips will help you with any policy, from life insurance to car insurance.

Why Aren't You Reading The Big Print?

So many online advisors and articles will tell you to read the small print carefully, but they forget that most people barely even skim read the big print. You need to check your policy. You need to check to see if it has covered you fully. You need to check it for errors, and you need to check to see if anything unexpected has turned up in your policy. That is not to say that your insurance company are trying to trick you, but sometimes either human error, or a misunderstanding, may lead to unexpected elements appearing on your insurance policy.

Read the small print too

In the past, con artists have tried to place unfavourable conditions within the small print of a contract. Modern and mainstream insurers are unlikely to do this for the fear of damaging their reputation. Nevertheless, it is only prudent to check the small print anyway, just in case you were unaware of a certain clause or policy element.

What should you check for?

You need to check the simple details such as your address, name, age, etc. You should then check to see if all the details you gave were correct. Have you valued things correctly? Moreover, have you included all relevant information? You also need to check to see if the things you agreed to online (or over the phone) are also included in your policy.

The telephone is not your friend

If you created your insurance policy over the phone, then you no doubt negotiated a great deal for yourself. However, you should now check your policy for dictation mistakes. Things such as numbers, names and descriptions may be incorrectly noted by the telephone operator. In some accents, a number four may sound like a number five, and the letter N may sound like the letter M.

Do not insure for things you do not need

Too many people will automatically accept a higher premium for things they do not need. There are people who will insure their life for accidents, which includes accidents whilst driving even though they do not drive. There are people who will buy insurance for household items that they do not even want and would not care to replace.

Do not wait to change your policy

After agreeing to your new insurance policy, you will have fourteen days revise it or cancel it. So, you must check your policy right away and make any changes as soon as policy. If the fourteen days pass, then you are bound to your insurance policy until it expires. In many cases, the insurance policy will not expire until a year has passed unless you cancel the policy and incur cancellation fees.

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