Before purchasing an insurance product it is advisable to shop around and see what products are available on the market. There are various insurance products and multiple companies offering them. If you want to benefit from the wide selection of products available, it pays to shop around and compare price, quality and service.
Before purchasing an insurance product, ensure that you obtain all the necessary information before committing to your premium and that you are fully aware of what types of losses you are covered for.
You should also be provided with a Product Information Document (PID) which is a very short document containing the main features of the product such as the cover, any exclusions, the name of the insurer, duration of cover and cancellation rights amongst other things. This is a very useful and important document which would allow you to compare similar products issued by different insurance companies and will assist you in deciding as to what product is best for you.
Don’t read the policy when you need to make a claim. By that time, it’s often too late.
In this section, we will give you some information on how to go about choosing an insurance product.