There is more to an insurance policy than what it costs you. In order to accurately compare one policy with another, you need to know more than just what the premium is. You need to know what each of the policies covers in order to understand if the policies are comparable and to determine which policy is better for you and a better rate. When searching for health insurance quotes, automobile insurance quotes and business insurance quotes, be sure to take the time to understand what is covered under the policies you are considering buying.
Insurance policies contain an insuring agreement – a “grant” of coverage. This is the part of the insurance policy that tells you what is covered. So, for example, in a health insurance policy, you would look to the grant(s) of coverage (there can be more than one in a policy) to determine what types of benefits are covered. Is there coverage for an emergency room visit? For infertility treatments? You’ll want to know what benefits are covered when shopping for insurance quotes.
Insurance policies contain exclusions to coverage. Even if something falls within the policy’s coverage “grant,” there will not be coverage if it falls within one of the specific exclusions to coverage. For example, in a homeowners insurance policy, damages due to bodily injury arising out of the use of an automobile are usually excluded (for this reason you would need automobile liability insurance in addition to your homeowners insurance). You’ll want to know what is excluded when shopping for insurance quotes.
Insurance policies also contain conditions to coverage. Even if something falls within the policy’s coverage grant and is not excluded, there are certain conditions to coverage. For example, under a commercial general liability policy, usually purchased for businesses, you are required to timely notify the insurance company of a potential loss. In addition, you are prohibited from voluntarily incurring an expense, other than for first aid. So, for example, if you are sued, you would want to notify the insurer as soon as possible and not incur expenses of hiring an attorney to defend you for months and then providing notice. You’ll want to know what the policy’s conditions are when shopping for insurance quotes.
When shopping for insurance quotes at E-INSURE Services Inc, don’t forget to take into account more than just the premium. Consider policies’ terms including grants of coverage, exclusions and conditions.