The Importance of Policy Maintenance

The Importance of Policy Maintenance

When your various insurance policies are up for renewal, it can be tempting to take the easy route and just go ahead with the renewal and not think any further of it.

However, if you fail to take some important steps and do a little bit of research, you could be going ahead with a policy that hasn’t been adjusted to meet new circumstances in your life — therefore, rendering the policy mismatched for your needs — or, worse, failing to meet the contractual requirements specified by your insurer — therefore, possibly rendering your insurance policy null and void if you need to make a claim. 

So, what sorts of things should you be doing at renewal to ensure that neither of these things happens? Let’s take a look. 

Go over what your policy covers 

Have a look at the product disclosure statement and check to make sure that what your policy covers actually matches what you need it to cover. Then, ask yourself the following questions: 

  • Are there many covered items that you don’t actually need cover for?

  • Are there items that are excluded that you actually require cover for?

  • Are the monetary limits of coverage satisfactory for your needs?

  • Have you made any additions or changes that would require more comprehensive or additional coverage? (For example, have you conducted any renovations to your home or purchased new contents?)

  • Do you plan to make any additions or changes in the coming year that will require more comprehensive or additional coverage?

  • Are you happy with the service you have received from your insurer over the previous year?

 

Asking yourself these questions and then carefully considering your answers will go a long way towards making sure your insurance policies are tailored to your needs and circumstances, and will be most beneficial if you ever need to make a claim.

Make sure to notify your insurer if your circumstances have changed 

Even the most minor things can affect your insurance policy, premium and likelihood of a claim being paid out. It is of utmost importance that you let your insurer know. We have included some further detail on what kinds of changes your insurer needs to know about further below.

Consider your payment schedule and excesses 

Renewal time is a good time for you to consider whether you’re happy with your existing payment schedule and excesses. Ask yourself the following questions: 

  • Would you prefer to pay a higher premium in exchange for a lower excess, or is it more important to you to pay a lower premium in exchange for a higher excess?

  • How would you like to go about paying the premium — does it work better for you to pay annually, quarterly, monthly or weekly? Is the option you’d prefer available?

 

Consider getting some quotes

The point of comparing insurance policies is, first and foremost, an activity in making sure your current policy is actually one that best fits your needs and circumstances. An ideal number of quotes to get is three. Then, make sure you compare excess options, coverage limits and exclusions.

While it can be tempting to simply choose the cheapest policy, this can often backfire if you ever need to make a claim. Your most important consideration when comparing quotes should always be the quality of the policy coverage and its relevance to your requirements. 

Don’t just wait for renewal to update your policy 

While you should absolutely be doing all of these things when your insurance policies are up for renewal, it certainly pays to be proactive and do these things whenever your circumstances change. 

If you move, you need to update your insurer. If you acquire new assets, you need to update your insurer. If you tint your car windows, you need to update your insurer. If you have an alarm system installed, you need to update your insurer. If you no longer park your car on the street, you need to update your insurer. If you start parking your car on the street, you need to update your insurer. If you sell expensive items and no longer need coverage for them, you need to update your insurer. If you are planning on renovating, you need to update your insurer. Has the pattern become obvious? 

Basically, regardless of whether your policy is up for renewal, if something in your life changes and you think it might be even remotely relevant to your insurance policy, it’s in your best interests to notify your insurer. Sometimes, it can be the difference between a claim being paid out or not. And while you might think notifying your insurer will lead to a higher premium, there are many circumstances where keeping your insurer abreast of any changes will actually reduce your premium. 

It’s also worth noting that anytime your circumstances change, you should consider doing some research, getting some quotes and making sure your current insurance policy is still the one best suited to your needs.  
Source: https://knowrisk.com.au/

Free Financial Advice

Free Financial Advice

How about an initial free consultation where you can air all of your issues, get professional advice and it won’t cost you a cent.

7 Emergency Numbers To Have On Hand

7 Emergency Numbers To Have On Hand

There are some phone numbers it is important to have easy access to, particularly in an emergency situation or if you find yourself stranded for whatever reason.

Everyone’s situation is different though so it’s worth sitting down and compiling a list for yourself. Write them down and keep them in your wallet or by your landline, or store them in your mobile, either way, make sure they are easy to get to. Below are a few suggestions to get you started. 

  1. Emergency services
    000 (Aus)
     
  2. After hours medical assistance
    National GP Help Line (Aus) 1800 022 222
     
  3. Poison information Centre
    13 11 26 (Aus) 
     
  4. Roadside help
    Your roadside assistance or vehicle insurer in the case of theft, accident or breakdown.
     
  5. Next of kin
    Your next of kin or a reliable friend’s phone number in case you need to get hold of someone. 
     
  6. Banking
    Your bank or credit card provider’s emergency hotline in the case your card is missing or stolen. 
     
  7. Insurance
    You should always have your insurance companies contact number on hand in case of an emergency, whether it be your house, car, business or life insurance policy. You never know when you'll need the details! It's always a good idea to keep your policy numbers on hand too. If your insured with Coast & Country Insurance Consultants, our number is 4334 3622, and your policy number will be on your paperwork. 

Would You Like A $20 Coles Group & Myer Gift Card?

Would You Like A $20 Coles Group & Myer Gift Card?

Are you an existing client of Coast & Country Insurance Consultants? Would you like a $20 Coles Group & Myer Gift Card?

All you have to do is refer a friend to our office! 
If they take out an insurance policy, you will receive a $20 Coles Myer gift card as our gift to you - it's that simple! 

Terms & Conditions apply (see this blog post for details!)

$18 Billion in lost super - could some of it be yours?

$18 Billion in lost super - could some of it be yours?

During our working lives, many of us will have had several employers pay compulsory superannuation contributions on our behalf. When we leave these employers, our superannuation often remains in their plan or is transferred over into an eligible rollover fund...which is easy to lose track of.

According to the Australian Taxation Office (ATO), as of 30 June 2017 there were over 6.3 million lost superannuation accounts - totalling a staggering $18 billion! Given approximately 40% of Australians with superannuation have more than one super account, could some of this lost super be yours?
 

Making it easy to keep track of your superannuation

The Government make it very easy for you to keep track of your superannuation. Simply register for the ATO’s online services via myGov . Once registered, among other things you will be able to:

  • Find lost super - there are billions of lost super dollars, see if some of it’s yours
  • Find super held by the ATO - if the government, a Superannuation Fund or employer can't find a fund to transfer your super to, it may be transferred to the ATO
  • Check your current super accounts - where money has been paid in during the last two financial years
  • Consolidate multiple super accounts into one Superannuation Fund.

Helpful tips

  • Even if you’re not ready to consolidate your superannuation benefits into one account, don’t forget to provide your current address to the administrator of any lost fund so they can contact you.

Further information

If you’d like more information about locating lost super or the benefits of consolidating your superannuation into one fund, please contact your financial adviser or Insurer. 


Call us today on (02) 4334 3622

Source: https://www.zurich.com.au/news/super-insights/2018/lost-super.html 

Women - The Super Losers!

Women - The Super Losers!

New research has found that women have an average super balance of $92,000 at retirement – that’s 40% less than the average male retiree, with $154,000. This has become known as the ‘super baby debt’.
Take a look at this blog to learn more about it and what you can do to avoid this debt!

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The NSW Government is making changes to the Stamp Duty of all Small Businesses from January 1, 2018. Find out how this affects your business and what you need to do!

Thank God I Had Income Protection!

Thank God I Had Income Protection!

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Machinery Breakdown Insurance for Small Business

Machinery Breakdown Insurance for Small Business

Machinery breakdown insurance is designed to help protect your business financially by covering the cost of repairs to broken-down machinery, as well as any consequential losses as a result of that breakdown.

The Importance of Policy Maintenance

The Importance of Policy Maintenance

Maintaining your policies is as important as maintaining your home or car…

When your various insurance policies are up for renewal, it can be tempting to take the easy route and go ahead with the renewal and not think anything more about it.

However, if you fail to take some important steps and do a little bit of research, you could be going ahead with a policy that hasn’t been adjusted to meet new circumstances in your life — rendering the policy mismatched for your needs — or, worse, failing to meet the contractual requirements specified by your insurer. 

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Do You Love Your Current Lifestyle?

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