It’s always better to start a new year with all your insurance policies in order. In 2018, the Capital Market, Insurance and Savings Authority conducted an investigation through which it was discovered that Israelis hold over 6.5 million insurance policies. In some cases, these are double insurances, and they reach a total of NIS 760 million each year.
Double insurance is a situation where a person pays for the same policy twice (and sometimes even more than that). Although the payment may be double, when necessary, it is impossible to receive double coverage. Thus, a situation is created where the cost is considerably higher than it should be. A quick check can discover all this information and reduce the monthly and annual payments without compromising the insurance coverage.
What Are the First Things You Should Check When Arranging Your Insurance Policies?
An insurance policies check can discover any duplicate and unnecessary payments that do not benefit the insured. You can perform an initial inspection through the Insurance Mountain, completely online and at no cost. Insurance Mountain is a government-managed website through which you can check all your insurance policies. All you have to do is enter your personal details on the website, decide which policies you would like to review, and examine the data in depth.
A Professional Insurance Check That Does Not Miss a Single Detail
People often see the results obtained through the Insurance Mountain website, and either don’t understand the results or are unsure whether they can save on insurance expenses or not. A professional check performed by private companies specializing in these reviews all the policies, examines whether there are duplicates, and, furthermore, whether the policies fit your lifestyle and expectations.
A professional insurance check examines the current data, looks for insurance duplications, and gives you their final conclusions. The experienced team will explain what you are paying for now and how much you can save and will be able to recommend adjustments to the existing policies. In addition, the review will examine whether it is possible to save on insurance policies you choose to keep.
You Can Save Hundreds or Thousands of Shekels
Data from the Ministry of Finance indicate that 40% of Israelis hold double insurance policies, which leads to paying twice or more for the same service for no reason at all. A professional examination will discover whether you are also holding double insurance, whether your insurance policies overlap, and whether there has been an increase in payment, and if so, whether it is justified or not.
A review of your insurance policies can lead to savings of tens to hundreds of shekels every month. This can mean savings of tens of thousands of shekels throughout the payment period. Along with all this, once the premiums are sorted out, you can rest assured that you will have the defense mechanisms you need. The arrangement really does not mean canceling all the insurances but rather examining each one in-depth and ensuring that it provides you with the proper protection at a fair price.