3 Tips to know that you are dealing with the right Insurance Provider

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Finding the perfect insurance provider is really a hard task. Especially now that investment scams are always on the news headlines. Which is a legit one? Which is really reliable and trust worthy? These are just some of the questions that hard to answer.

Every time you do a research, the question marks on head were not popped out (as what meant to be) but rather, new Qs are added. If you are feeling this, don’ worry, you are not alone. I felt the same way before. It’s hard, really hard. Top insurance companies in the Philippines for many are not affordable. But the idea is you pay for what you deserve. I’m not saying that always deal with the top brands but my point is, look for the best choice of insurance you need.

Here are the three essential tips you need to know if you are dealing with the right provider.

Company’s ratings – are they A+?

Check out their ratings. Internet is very handy now that you can simply ask Google about the background of the company. And the results are just seconds away.

By knowing their ratings, you can check their financial health, and according to experts, it is the best way! There are couples of private companies that conduct analysis or reviews of insurance companies and their reports are accessible online. Some are free and others are not (men these are businesses). Just keep in mind that not all agencies use the same ranking system. So better check all the data and be careful in comparing information.

Remember that a company’s rating is just one of the many factors to look when making a purchase. If you are evaluating two policies, and one is underwritten by a company with a rating of B+ and the other is from a company with an A rating, don’t automatically assume that the higher rating is the one you need. If the policy from the other company has more of the features you are looking for, it might be the better choice of purchase.

Size matters?

Does the company’s size matter? It is a Yes and a No. Most of the largest companies have been in business for decades and some at way back 1840’s. When a company has been in the business for that long, you can fairly assume that it understands the complexities of the insurance industry. They know how to manage risk and grow assets. They had a history meeting long-term financial obligations. But I’m not saying that you must not deal with small companies. There are hundreds of small to medium sized companies and may have been around meeting financial obligations just as long as their larger counterparts. Basically, size doesn’t matter.

Are there any complaints about them?

You may also want to check for complaints against a company. Insurance companies are regulated by government bodies of insurance, which track complaints filed by their clients and customers. Though complaints may vary differently, still it is another decision-factor you may want to consider. Hundreds of people are guided right by this factor so better not to miss this out in your notes.


Conclusion

Before making any purchase, make sure to ask for other’s opinion. You may also ask for friends’ recommendations, which for me is the first right thing to do. Remember that the “right company” is the one that provides you the appropriate recommendations, products and prices, has a record of outstanding customer service and financial capacity to meet its financial obligations.



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The Four Key Parts of My Friend’s Travel Insurance Philippines

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I love to travel! I love to visit different places in the country as well as outside the Philippines. Few years back, I lost my luggage and I have nothing to do with it. My friend asked me if I do have travel insurance Philippines, I simply said no, I have not. Then he starts to say tsk! I get alarmed with his facial reactions. I asked him what is about travel insurance. It’s a long talk but to summarize, I want to share with you the five key parts of my friend’s travel insurance which are the main reasons why I purchased one at Malayan Insurance – one of the top insurance company in the Philippines.

Medical Emergencies

If there is ultimately one reason you need to buy travel insurance, then this is it.

Hospitals can cost you thousands of bucks. And this is no good for you if you are travelling. Hospital bills can be more expensive than your whole travel expenses. So better entrust your medical emergencies to your insurance.

You will need to a lot time to read this part in focus detail, especially in the part of medical expenses limits and cover for emergency dental work.

Cancellation of Trips

What is this for? This will cover you for the costs if you suddenly find you can’t make the travel for some unforeseen reason such as an accident, illness of a death of a close relative or friend. You must remember that for this section to be useful, you have to buy travel insurance when you start booking tickets and not the week before you leave the city.

Note that not all insurance providers cover cancellation and there are only finger-numbered providers that cover your pre-booked, non-refundable costs if the trip is interrupted after you have left home. You may want to read the description of coverage relevant to you carefully.

Luggage and Personal Belongings

Most people buy travel insurance mainly because of the reason of personal belongings loss. It is arguably the least important. Why? Your things can be replaced but your health often cannot. Insurance providers expects you to take the full responsibility of your belongings which means a claim can be denied if you lost your camcorder in a shared room in a hostel. But if your belongings, say your camera was snatched from you, it is a different issue.

If you are on a business trip and need to take a laptop with you and other electronic devices such as camera or anything that is valuable, some travel insurance plans allow you to specify these items to cover their value in case you lost them.

Check your policy description and benefits of the coverage carefully for the limits on this cover and possible exclusions, particularly for cash, high value items and for others – sporting equipment.

Personal Liability

Take note that this is not the insurance for liability while you are on the road driving your car. If you are involved in an accident or accidentally cause damage and held accountable for it (I hope this will not happen to you), then insurance can cover your liability and legal expenses.

When friend shared these things to me, I get insurance the next day! May this post help you to decide in purchasing your travel insurance Philippines! Thanks!



For further reading:

4 Must know Facts Regarding Travel Insurance - A lot of people think that while on the road, medical insurance can cover them up, but the thing is, there is another type of insurance that is perfect for those travel lovers and that is Travel Insurance! Here are the top 4 things you must know about it.