It matters who insures your stuff, It really does

Ever notice how critical you can be about other peoples’ driving abilities? There are times when we hold others to a far superior level of driving than we adhere to ourselves. Hey, it happens… We’ve all forgotten about the time we didn’t indicate, took a gap that seemed safe to us but alarmingly close to other motorists, and made it over the line just as the robot went from orange to red.

The critical monster lurks within us all and we shouldn’t get hot-headed about it, because this is the path that leads to road rage and aggressive driving behaviour. Instead, we should channel that eye for detail to another area of being a motorist.

Where exactly, you might be asking? Car insurance, of course. You’d be surprised at how many people are just accepting of whatever policy they get. There’s almost no laser-like attention paid to investigating a car insurance policy before we purchase it. That’s probably because we tend to think that insurance companies all offer the exact same thing and we need only focus on the different quotes to inform our decisions.

That’s just not true. You need to get a bit critical about the policy you’re potentially going to buy in order to make the best decision. After all, car insurance is sort of like a trapeze net. You want it to catch if you fall from a dizzy height, right? Right.

Here are a few points to help you cast a critical eye over the car insurance company and the policy you’re considering.

The reinsurer

Your insurance company has to take out insurance. Funny old world, isn’t it? They transfer the risk of insuring a couple hundred thousand people to a reinsurer through a process called cession. This way, they can make sure that if everyone and their mother claims at once or if their company goes through a tumble, they can call on their own insurer to help them out.

It’s probably more complicated than that, but that’s the gist of it. Basically, it’s important for your insurer to be backed by a credible, trusted, and stable reinsurer. For instance, King Price is reinsured by the Munich RE Group. Munich RE is 1 of the world’s leading reinsurers, so you have peace of mind knowing that King Price has been approved and accepted by such a great and reliable company who is willing to take their risk on.

Their track record

People talk. They talk about the good experiences and they definitely spread the word far and wide about anything negative. This chatter informs a lot of our decisions, far more than you think. Take choosing a school. You wouldn’t send your kid to a place known for bullying, would you? You probably wouldn’t, and you would have made that decision without experiencing anything negative for yourself.

That’s the power of reputation.

A school’s reputation tells people whether they can trust it with their progeny’s education. The same goes for insurance companies. A look online and a chat around the dinner table with friends will reveal a heap of opinions and stories about experiences that people have had with an insurer. Clearly, there will be good and bad tales about claims being rejected or approved, the service, and how quickly things have been resolved that you’ll need to sift through, but it’s a valuable way of critically examining an insurance company before you purchase a policy.

How they talk to you

We’re not just highlighting the way consultants speak to you on the phone, although this is important. If you don’t feel heard, prioritised, or made to understand anything at the sales stage, then you probably won’t have a good experience if you have to do something less pleasant, like put in a claim for a car accident.

What we really want to talk about here is how your cover is explained to you and how the policy docs are communicated. You see, some of the good and bad stories we spoke about earlier are related to how well a client has understood their cover.

Some companies still rely on heavy, confusing language to explain things. There are those, however, who’ve changed it up a bit and rewritten their official docs in plain English. And they’ve done it to make sure that you understand your cover, feel heard, and can trust that you’ll be treated fairly.

If you want to chat to an insurer who has a good reputation for treating customers fairly, explains your cover to you in a way you can understand, will have your back when the paw-paw hits the fan, and offers super cheap premiums, then get a commitment-free quote today or call 0860 50 50 50 and let a consultant help you out.