Direct Insurance

By: EconomyWatch   Date: 10 September 2009

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EconomyWatch

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An insurance policy bought by you directly from the insurance provider is called direct insurance. In this type of insurance, no one besides you and the insurance company is involved in the purchase of the policy. With direct insurance evolving into a strong insurance industry, this type of insurance is now available for categories such as life, home, contents, ski, travel, pet, holiday, medical and commercial vehicles.

Factors to Consider in a Direct Insurance Company

While choosing a company for buying direct insurance, consider the following factors:

  • Coverage options: Check the number of coverage options offered by them. A good direct insurance should offer all types of coverage for all types of policies.

  • Support services: These services include technical support and customer service. While the company should provide courteous, prompt, informative, patient and helpful customer service, it should also be clear, concise, understanding and accommodating while providing technical support.

  • Payment options: While there are some insurers who do not offer customers the choice of paying their premium through direct debit, others offer only the annual premium payment option. This causes immense inconvenience to customers, especially those in the middle- and low-income groups. Choose companies that offer various payment options, such as immediate, periodic and annual, and allow payments through direct debit, cash and credit card.

  • Products offered: Insurers dealing in single categories offer limited service and discounts. Search for direct insurers  that offer a range of insurance products, such as travel, medical, dental, property, home, contents, car and vehicle. Insurers offering multiple insurance policies and products often give attractive discounts if their customers buy more than one insurance policy from them.

  • Discounts: Several direct insurance companies offer various discounts to gain a competitive edge and attract more customers. These discounts could be offered to old and new customers. Discount options include online discounts, no-claims discount, home emergency discount, more-than-one pet discount and winter-sports discount. 


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