I complied with the mortgage officers advice and decided to grab a few quotes. It was a hassle making calls to insurance companies and giving them the same information again and again. I will not even begin to talk about the follow up questions from all these companies. Comparing the quotes was an even more tedious task even for a guy with an insurance background like me. The language on what is covered in the policies can be really difficult to understand. I was also confused on whether I should take the lower quotes or the higher ones. For me going with the lower quotes is always tricky because I would be compelled to research more about the company. I would have to look if the company pays claims on time, are they well capitalised or are they part of associations within the industry. That means I would take even more time to make my decision.
After getting a few quotes though, I must say I was really shocked by how reasonable it is to insure a house. For a $50,000 house the quotes I got were ranging from $75 to $100 per year. In real terms that means I was going to pay less than 30 cents per day to protect a $50,000 house!! That to me is like trading an ant for an elephant.
As for my car insurance which was about to expire, the easier way was just to go and renew it with my current insurer. My most trusted uncle had always discouraged this practise. He always told me to shop for my insurance every year. But the thought of making calls and giving information about my car every time it expired was consuming. I asked myself why is it so difficult to shop for insurance. Firstly, we do not always have the time. Obviously we all need to spend our time on this considering how important insurance is. Second, we are no insurance gurus. Sometimes even for an insurance professional it can be difficult to understand if you are covered completely by your insurance. Lastly, comparing quotes is very difficult because insurance covers are sometimes different with different
insurance companies.
After spending so much time on this, I looked to the internet for answers. It turns out we have a website in Zimbabwe that helps you compare and shop for insurance! Unlike the long phone calls I had spend the whole day making (some of which wasted my airtime) I just entered my details onto an online form they provided on the website and I instantly got quotes from the most trusted brands in Zimbabwe some of which my mortgage officer had recommended. The lowest quote for my house was $63! I was shocked! On top of that the difference in covers were clearly stated. It took me a minute to review the covers and a simple click to accept the quote and make my payment had me covered instantly.
Why you should use an online aggregator too
Its not like I had never heard of online comparison sites, but to be honest I didn't really think they works . For example I was sceptical about buying insurance without any physical interaction. However I realised that although online aggregators initiate a relationship online, they are always available for any customer services issues that might arise. The only problem I have though is that they do not assist in the case of a claims.
Despite that, I learned that a good insurance online aggregator provides a lot advantages that include:
- Less hassle. Not only do they make the price of insurance more transparent but they also help you compare the quotes. You only need a few minutes to browse through a number of quotes from various insurance companies
- Better price. I had assumed that because the online aggregators get commission for selling insurance it would push the price for insurance up. However this is not the case as they do not charge you for using their service. Their services are completely free! I was chuffed by zimseletor.com's promise to find the best price for my insurance.
- Peace of mind. I liked how zimseletor.com promises to help you make an informed choice. Knowing you can make an insurance transaction from anywhere and at anytime really eases the mind.