27/02/2018
Understanding Insurance....
lots of us do not appreciate why we must insure our lifes or our properties. We think we are contributing to insurance companies for free; that year after year we contribute and yet do not benefit in anyway. In fact for auto insurance most of us pay our premiums just so the police do not disturb us on the road. Two things I want to talk about and I concentrate on auto insurance. 1. Very often motorists especially third party policy holders will not approach their insurance companies at all when they are involved in accidents. They will either just fix their vehicles or fix for another they believe to have been at fault. So, if you don't report a case how can you access help? And how can you accuse insurance companies of "chopping" your money when you do not even make claims? Now the reason most of us cite for not making claims is that the insurance companies unduly delay paying of claims. Please I am assuming this is true. However it is no good reason or excuse for us to refuse to make claims. Number 2, for those of us who accuse insurance companies of "chopping" our money, insurance is to pay "small" money to an insurance company so we're restored or an attempt is made at restoring us "big" to our original position before the accident. And this is based on agreed terms and conditions. Remember insurance is also on the principle that when your vehicle is damaged you do not shoulder the burden of having to replace or fix the damage all by your self. Therefore if you pay for 10 years and nothing happens be happy that nothing happened and not sad that your money is being "chopped" by the insurance company. Do not also forget the burden on the insurance company when they are paying you claims worth far more than you contributed...insurance is good; if you can, please insure your life (even if it is for your dependants) and your property for support in case of accidents or the unfortunate and make sure you claim what is rightfully yours...
This piece is subject to additions and subtractions. I am not a professional insurer. But I am quite confident about this...and I think insurance must benefit us...as well as the insurance companies.