While you and your friend might be at the same age and stage, your insurance premiums may well look very different. This is because your premium is about more than the standard age-and-gender-based underlying rate. It also takes into account your unique personal circumstances.
Here’s an in-depth look at how insurance premiums work, and why yours might be costing you more than your friend’s. I
t all comes down to your unique risk profile. Your medical history, your occupation, the sports you play, the hobbies you enjoy – all these things can impact your premium.
And it’s not just your own history that plays a role; your family history can have an effect, too. For example, if your family is prone to a certain disease, the likelihood of you making a future claim would go up, and so would your premium.
If you have a pre-existing illness, work in a hazardous job, or regularly take part in dangerous activities, your premium will be higher than your lower-risk-lifestyle friend’s.
This is because – even though they’re the same gender and age as you – you’re statistically much more likely to make a claim.
From our jobs, to our hobbies, to our health, everybody’s different. That’s why – even if you have the same type of cover as your friend – your insurance premiums may be different, too.
To learn more about your premium, or get you and your family covered, talk to us today!
Call: 0211835835
Email Us: shak@haloAdvisors.co.nz
