Life has its fair share of risks. You’d thus want to get a monetary cushion in the form of insurance that can protect you from those risks. Insurance can help in case something bad happens to your home, vehicle, family, business, or even yourself. However, you may have been holding off on getting insurance simply because you might be finding it too expensive. But with cheap insurance, or “billig forsikring” in the Norwegian language, you don’t have any excuse not to get yourself protected from any terrible situation that life throws at you – though here are some things to consider first before investing in one. 1. Investing in cheap insurance offers a lower bar to entry for first-timers like you.

As mentioned above, you may have been deterred from taking out insurance in the past mainly because of premiums that you find utterly expensive, thus leaving you uninsured to this day. On the other hand, cheap insurance ensures that any monthly contributions that you’ll be making to it are within your current financial means which makes it easier for people like you who aren’t earning hundreds of thousands of dollars every month to get into it.

2. The fewer risks that you’ll encounter, the better your chances of getting insurance are.

Insurance providers offer their product in proportion to the amount of risks that any of their customers are prone to experiencing in a lifetime. So if you’ve been offered expensive insurance by a provider before, it might be because they’ve determined you’re a potentially high-risk customer. You’ll, therefore, want to minimize – if not eliminate – your propensity for risk so that you can get yourself cheaper insurance rates.

3. However, investing in cheap insurance might not provide you with as much peace of mind as you had initially hoped it would give you.

Cheap insurance investing isn’t without its disadvantages though, the most common being that you might still end up paying out of your pocket in case something unfortunate happens to any of your most prized possessions and your insurance policy doesn’t cover the situation. After all, as with any product, investing cheap insurance means that you shouldn’t expect to get high-quality service for something that you paid with chump change.

As a resident or someone who’s currently working, you’ve got the right to your country’s national insurance system. However, some national insurances can only cover anything that’s related to your health and pension. Thus, if you want to protect yourself from financial loss if ever something awful happens to your house, vehicle, or business, you should get separate insurance policies for those. Fortunately, you can invest in cheaper insurance without burning a deep hole in your savings account. But before doing so, you should take note of the above-listed considerations so that you can make an informed decision whether to proceed with it or invest in more expensive insurances instead.

Tanya Oslo

Tanya Oslo extends her bubbly personality and her creative vigor into her pieces, and as a result she makes even the most technical of topics become articles that are fun and entertaining to read. As a contributor for Forsikre, Tanya writes pieces on finance, insurance and businesses, which at first can be daunting given their technical nature, but Tanya loves a good challenge.