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5 Reasons to Think Twice Before Buying Insurance Online

  • Emma Tyler
  • October 24, 2023

In today’s digital age, purchasing insurance online can be a convenient option, however, it’s important to be aware of the shortfalls, like:

  1. Lack of Personalised Advice: Online platforms provide generic cover from a single insurer without considering individual needs, circumstances or options. A professional insurance adviser can learn about your personal or business needs and will offer recommendations from a range of insurers for consideration.
  2. Lack of cover, special limits or exclusions: Reading and understanding insurance policies takes time and without the guidance of a professional adviser, there may be gaps in cover or an exclusion that is overlooked, with the result of a partially uncovered loss.
  3. Potential for Over or Under-insuring: Online platforms might encourage buying extra coverage that isn’t necessary or, conversely, not buying enough. Without expert guidance, determining the right amount of coverage can be challenging.
  4. Claims advice and assistance: Without the input and guidance of your insurance adviser, you may not obtain all the benefits you are entitled to under the insurance policy. Your insurance adviser acts in your best interest when it comes time to making a claim.
  5. Under-insurance: Inflation over the past few years has driven up the costs of goods and services. The cost of replacing or reinstating buildings, Plant & Machinery have increased 20% – 30% or more. Without guidance from your adviser, you may find you’re not sufficiently covered in the event, leaving a significant financial shortfall and delaying rebuilding and the claim settlement. This is just one of the services your insurance adviser can provide.

While the convenience might make online insurance purchases tempting, it’s crucial to consider the downside. Personalised advice will provide peace of mind, as you’ll have the right insurance policies and amount of cover to match your needs.

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