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Insurance companies are popping up like mushrooms these days. Of course, there are the big institutions that have been around since grandpa fell off the bus but new ones seem to be hopping on the bandwagon all the time. They are all over the Internet and advertising on TV, and some have even hooked up with department stores and are offering insurance to go along with the handbags and cell phones that people buy. The current attitude of insurance companies seems to be one of you-name-it-we-insure-it, and what’s more, they are offering customized insurance packages at highly competitive prices. With such a plethora of insurance providers in the marketplace, offering a multitude of different packages, how do you, the consumer, sift through them to all find the best one for you?

Well, a good place to start is to look exclusively at insurance companies with a proven track record and a reputation to uphold. These service providers tend to have the means to pay claims promptly and without much complaint. They are also often members of an association or regulatory body like the Financial Services Board that promotes fair insurance practice in South Africa. However, don’t reject smaller insurance companies out of hand solely on the basis of their size. A smaller company can offer a more personalized service and be just as well-established as a larger firm. The point is to do some research and check any and all service providers out thoroughly. You can try asking work colleagues and friends for referrals but it might be wise to steer clear of taking out insurance through your friend’s sister’s boyfriend’s brother if they happen to refer you to an individual. Sure, it is nice to be able to give business to people you know but you may end up getting the short end of the stick. People are often less wary of someone they have been referred to by a friend or colleague than they would be when approaching an unknown company, and there is a tendency to assume that their insurance needs are being well taken care of, only to find out too late that they are not.

There is a new breed of insurance provider operating in the marketplace today that you will frequently come across on the Internet. These insurance companies operate as intermediaries or online facilitators between the big established insurance providers and potential clients and are skilled at providing multiple insurance quotes online. Naturally, you can go directly to the individual websites of the insurance providers instead of via an intermediary if you prefer but then you may miss out on certain savings on insurance packages that the intermediary is able to offer you. If you do, however, choose to do business through an online insurance provider instead of approaching insurance companies individually, you should still visit the websites of the companies whose quotes you have been provided with. You can often find helpful tools like mortgage calculators that you might want to try out as well as insightful information on the company’s background. Regardless of the route you take in dealing with insurance companies, be it by telephone or online, you should only enter into a contract with one of them after having fully investigated their ‘pedigree’ beforehand.