Insurance Tips – Secrets from an Insider

Long gone are the days of 5 years previous insurance and claims history making up the bulk of the premium factors, these days premiums are linked to ITC scores; postal codes; vehicle colours; count of items insured, occupation & marital status of the insured, even whether the client is working from home or not has recently been a major rating factor,

Now taking the above into consideration, it does seem like quite the tedious task to negotiate a good premium, The good news is, we are here to help. We have assembled the top six key factors that can help make sure that the best-case scenario quotation is issued from the get-go:

1. Previous Insurance History – Whether interrupted or not, try and gather a detailed and complete record of the client’s entire insurance history, this can become a vital part of premium negotiation
2. Accurate Information – Ensure that information provided for quotation is accurate, factors such as incorrect ID Numbers / initials or spelling of surname / marital status / address information or factors such as vehicle color / whether the vehicle is metallic or not / overnight & daytime parking / additional vehicle security can cause unnecessary rate increases, construction; occupation and security of the residence of course has its own impact on risk premium as you can imagine
3. Competing Premium / Client Budget – Yip, we went there, but here’s the thing, we are confident that once we have done a quote with all the right info, that our premium is going to be somewhere in the ballpark, we could be none the wiser if the prospective client is enjoying favourable premiums elsewhere, negotiations go a lot better if we know what the expectations are.
4. Do your research – Any additional information you can provide regarding the client and what additional precautions they take to minimise risk can assist tremendously in reduction of premiums
5. Negotiate the Excess – Here’s the thing, a minor increase in excess can have a larger than expected impact on premium reduction
6. Check the Cover – Is everything currently insured / selected really necessary / value for money? Irrelevant or unnecessary cover can increase premium without actual benefit to the client.