Getting insurance cover has never been easier. Head online and you can quickly compare quotes from several insurers, and often you can get the cover you need in a matter of minutes.
But there are some serious shortfalls to buying insurance online – especially if you’re looking to cover your valuables. In this post we will outline these shortfalls and explore how using an Insurance Broker can help you get the cover you need at the best possible price.
At Anthony Jones, we specialise in arranging for tailored insurance cover at a truly competitive price. For more information, call us on 0208 290 9093 or email business@anthonyjones.com, or personal@anythonyjones.com.
What are the Risks of Buying Insurance Online?
If you buy your insurance online – whether it’s for your home or your business – then it might be a quick, convenient, and straightforward way to get cover. But there’s a major risk that you will not get all the cover you need for all the risks you may face.
It’s rather obvious that most buyers are not experts in understanding insurance needs and in relying on your own advice that does simply mean you have nobody to blame but yourself if you buy the wrong, inadequate or even no insurance protection at all.
Should you suffer a loss you will also be dealing direct with an insurer without the support of an Insurance Broker.
Buying insurance online makes you vulnerable to underinsurance. This means you do not have enough insurance to cover the full extent of any losses you may experience, which can put you in a very precarious position should anything ever go wrong.
How Common is Underinsurance?
Underinsurance is more common than you think. A recent report found that 77% of all business premises are insured for less than the required value. Similarly, it seems that 70% of UK homes are currently underinsured.
Why is underinsurance so common? Is it because most homeowners and business owners buy their insurance online, which means they might not get a policy that’s tailored to their needs? Or is it simply because most people don’t quite understand the risks they face, or the insurance they’ll need to cover these risks?
Read our guide to avoiding underinsurance for homeowners, and for business owners.
Buying Insurance Online May Not Be Appropriate If You’re Looking To Cover Valuables
We regularly publish guides to getting adequate insurance cover for collections and valuables, including watches, books, sneakers, stamps, wine, fine art, and antiques.
Regardless of the sort of valuables you keep, one piece of advice we always give is this: Make sure you regularly value and appraise every item in your collection. This is the only way you can ensure that your insurance will give you all the cover you need.
One issue is that the value of certain items can change over time. If the value of your possessions fluctuates, then your insurance may no longer be fit for purpose. You could find yourself paying too much to cover items that are not as valuable as they were when you first got your policy. Or, more likely, you’ll find that your insurance does not cover your collection’s true value.
Why Is It Better To Use an Insurance Broker?
Buying insurance online might be straightforward and convenient, but it can leave you vulnerable to underinsurance. Plus, the cover you get might not be suitable if you’re looking to insure items whose value may change over time.
Talk to an insurance broker, and they will take the time to get to know your specific circumstances, whether you’re a business owner or a homeowner. They will work to understand the specific risks you face, and they will then work to arrange for exactly the cover you need at the best possible price. Advice from an Insurance Broker costs nothing – they earn their money only when they place the cover with an insurer in the form of a commission.
In some ways, working with a broker can prove a lot more cost-effective than buying insurance online. If you get exactly the cover you need, then there is no risk that you’ll pay excessively for cover you do not need. Plus, through helping you to avoid underinsurance, they could actually help you to save money in the long-term.
Finally, insurance brokers provide a level of support that you’re unlikely to get if you buy your insurance online. If your circumstances ever change, just call your insurance broker and they’ll make sure your cover continues to meet your needs. And if you ever need to make a claim on your policy, your insurance broker will support you every step of the way to ensure you get the settlement you deserve.
Anthony Jones – We’ll Help You Get The Cover You Need At The Best Price
At Anthony Jones, we specialise in arranging for tailored insurance cover at a truly competitive price, whether you’re looking for home insurance, business insurance, or fleet insurance. For more information, call us on 0208 290 9093 or email business@anthonyjones.com, or personal@anythonyjones.com.
