Everybody knows that insurance is basically there to protect you when something bad happens: it could be a car accident, a fire incident at home, a prolonged illness, a health emergency or even worse.
Anyone can buy an insurance plan but it’s important to remember that you should only buy insurance through licensed providers or you might be getting played for your money. First-time purchasers of insurance should strongly consider consulting several insurance providers before buying to assess their options.
There are many ways to buy insurance: directly from the company, from an agent, from an insurance broker or online. Check out our comprehensive guide to buying insurance.
The original way of buying insurance is to walk into an insurance company and ask to buy a policy. Most companies will send a sales representative to assist you though you may have to wait a little bit as most insurance companies do not have sales desk.
The sales rep will explain all the products the company offers and ask you to fill a questionnaire. After review your questionnaire, you will receive a quote. The disadvantage of going direct is that it is time-consuming, the choice is restricted to the particular company’s products and you have no way of comparing products and prices.
Agents are people employed by insurance companies to sell their products. Most insurance companies sell their products this way.
The main advantage of buying through an agent is that technically the agent is able to sit down with you, explain its products and a good agent might be able to move through the red tape when the crisis hits. A good agent will fight for you and get you the money you need from your insurance company. They can be your one stop shop for your insurance needs.
On the negative side, agents need to generate income to earn their commission. Therefore they are incentivised to sell you the most expensive product or even sell you a product you don’t need. Also, agents are not remunerated for helping their clients with claims. You may, therefore, find that your agent has disappeared when you need him or her for a claim.
Insurance brokers are professional independent insurance providers. A broker has a registered office and is licensed by a federal regulation body. Using a broker, you will have a much better chance of finding the best deal possible because your broker is drawing on a large number of companies on your behalf.
The broker will also be able to advise you on the various products available. In fact, he or she may even able to give you a better price for the same product that going directly to a company because brokers have higher negotiating power. In addition, good brokers also have strong claims units to assist their clients.
Online insurance marketplaces are the easiest way of buying your standard insurance needs. Using an online marketplace is faster and more accessible than dealing with any of the providers mentioned above.
The biggest advantage of buying an insurance online from a marketplace such as compareinsurance.com.ng, is to allow the users to quickly compare prices for the most common types of insurance. You fill a single form and you can make the best decision for your insurance needs at a glance and in no time. Some insurance marketplaces are faster than others. Compareinsurance.com.ng is a fully-integrated platform so you can compare, buy online and receive all your certificates and additional documentation in a matter of minutes.
The only downside to online marketplaces is that they do not provide for complex or bespoke products but if you are in a rush and need your car insurance certificate urgently, they are the fastest route.
This article is provided by compareinsurance.com.ng, the online insurance portal for buying insurance from Nigeria’s most serious insurers in 3 simple steps…
Kindly visit our website on www.compareinsurance.com.ng or call Sola on 09090004273 to get more information and help today.