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The insurance market can be compared to a supermarket. A customer walks in and is instantly faced with a wide collection of products to choose from. Key factors such as a buyer’s budget and needs are considered in determining which supermarket products they will end up purchasing. Sometimes challenges may arise in choosing the best products that will meet their specific needs. The supermarket example is similar to the choices buyers face when seeking to buy insurance products that fit their budgets and needs.

This article will shed some light on what consumers need to consider in order to make informed choices when purchasing insurance products. Below are some of the tips to consider when buying insurance cover for medical, motor vehicle, house hold, life, businesses, education etc.

  • Assess your insurance needs

Buying an insurance cover is a financial commitment and therefore, choosing which cover to purchase is a matter of identifying what is important to you. Is it your family, house, business, personal items? Once you identify what you want to protect, consult an insurance company or agent who can give you information on all products available and help you evaluate your insurance needs.

  • Compare insurance policies

Each insurer will offer products that differ from those offered by other insurers. Obtain and compare the various insurance products from different insurance companies to be able to make the right choices regarding the benefits provided by each, coverage, the terms and conditions, exclusions and cost. Your choice should depend on your needs, both immediate and future.

  • Choose a cover that you can afford

After assessing your insurance needs, determine how much it will cost you in terms of annual premiums. It is important to get a cover that balances both your needs and budget. Engage your insurer to get a better understanding of what discounts they can give without compromising coverage.

  • Evaluate the future of your insurance policy

Your insurance agent or your insurer can help you understand the finer points of your policies. Exclusions (events that are not covered by your insurance policy) are critical. Understand the policies and make sure you are comfortable with the terms before you buy the insurance policy rather. Otherwise, you could find yourself trying to claim for something that is not covered.

  • Check the claim settlement history of the insurance company

One buys insurance for protection against financial losses and in turn, your insurance company compensates or pays promised benefits. The reputation of the insurance provider is very important as it is an indicator of whether they can meet their commitments. A key thing to look out for is the claims payment ratio of the insurance company. A higher claim settlement ratio indicates that the insurance service provider is honoring claims of their customers. To check this, you may simply visit the website of Insurance Regulatory Authority of Kenya (IRA –, the government agency regulating the insurance industry in Kenya. You may browse through the industry data and identify whether or not your selected insurance provider has a high claim settlement ratio

Generally, insurance is an essential tool that helps to manage risks in your life, home, health, business and assets. It provides a safety net that helps to take care of you and your loved ones when you need it the most.

In conclusion, it is important as a potential customer to compare and evaluate different insurance products and service providers to ensure they are the best fit for your needs and budgets. Ensure the company you select is backed by a heritage of excellent customer service and a solid financial background. AT CIC, we keep our word.

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