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4 things millennials need to know about insurance

Published on: 09 February 2017

4 things millenials need to know about insurance

The process of growing up is one that cannot really be avoided, even more so the responsibilities that come with it. Adulting*, as most millennials will call it, comes with often overlooked tasks – like getting insurance. You’re at the stage where you’re getting your own car, place, furniture etc.

Nobody really wants to think about the worst case scenario when it comes to their valuables, however getting insurance is more than just that – it’s ensuring that you have a recovery plan when things go wrong.

The truth is, if you’re a millennial, you need insurance.

So while you’re tackling this adulting thing with all its challenges, here’s how you can tackle getting insurance.

  • Take stock:
    Before you can even begin looking for insurance, you need to take stock of what you have and what needs to be insured. Evaluating your valuables goes as far as evaluating your lifestyle – possible risk factors that will affect your insurance premium. The kind of car you buy, the area in which you live and the overall value of the items you are insuring will play a vital role when taking up insurance.
  • Put your “shopping” game face on:
    When looking for insurance, your main priority should be getting adequate cover to put you back in the same position you were in before loss or damage. Another important factor to consider is affordability – look at your budget and get the cover best suited for your pockets. Don’t be afraid to ask for a discount or be honest about your finances when shopping around. Clubbing your insurance together could save you more money than you think.
  • Speak to someone with experience:
    This time your friends, parents or uncles don’t count – they may have your best interests at heart but this needs an actual professional. Speak to an accredited agent about your insurance needs and get the proper guidance you need.
  • Read the fine print!
    Now that you’re well on your way to getting the right insurance cover for your valued goods, be sure to take time to read the fine print of your policy document. Knowing what your cover entails will come in handy at claim stage.

With MiWay, you can do insurance the way millennials do best – online and via chat. Technology is at the fingertips of every millennial, so why not do things your way with the MiWay App? Get in touch with us and let us be your perfect partner in insuring your stuff.

Sources:

- https://www.mallorytate.com/top-5-millennial-insurance-tips/
- https://www.grangeinsurance.com/tips/insurance-tips-millenials

*Adulting (verb) - acting like an adult or engaging in activities usually associated with adulthood, often responsible or boring tasks.