Alexander Forbes Insurance advices people on when they change insurance adviser
South Africans are advices to look out for traps when changing.
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Alexander Forbes Insurance has outlined ways that South African consumers can make the switch from one provider to another, without falling into traps that are sometimes set by insurance groups when they don't want to lose their customers.
It could happen that consumers are unhappy with the service or products that they receive from their insurance company, and wish to make a switch.
However, before they do so, they should take into account that "merely paying a cheaper premium does not mean you're getting a better deal," according to the Managing Director of Alexander Forbes, Gari Dombo.
As such, consumers should first check that the new potential insurance provider has an excellent industry reputation, such as how fast they pay out.
They should also take into account what is covered by the new policy that was not covered by the old one.
Dombo said: "The exclusion detail is very important to read as policies can vary greatly."
Some insurance groups may have different philosophies that are essential to find out and compare. For example, one company may believe in repairing vehicles with second hand parts, while others do so with new parts.
"Failing to understand and engage with the details of cover before changing insurers is how most people fall prey to the common traps involved in changing insurers," said Dombo.
Once a decision is made to make the switch, the right procedure must be followed to ensure that cancellation was received by the company and the account will no longer be debited.
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