Understanding the International Moving Insurance Market
Are you moving this year? When looking for the right moving company to help you with this task, there are a few things that can help you make a good decision. One of these is to properly understand the international moving insurance market and what kind of cover your moving company can offer you.
If you find out your removal partner doesn’t offer you sufficient cover for all your items, it’s wise to choose cover from a third party who can guarantee your precious items are completely covered while being transported overseas.
Start Looking Early
Moving day is stressful enough without scrambling to check whether you’re actually covered for all your possession. Relying on the default insurance package offered by your removals service is sometimes enough to offer you sufficient protection, but what if it isn’t?
If you are transporting any especially expensive items like jewelry or antique furniture, there’s a good chance you won’t be fully covered for the whole value of your cargo. The policy of your moving company can vary, but sometimes there is a limit on how much they will pay out in the event of loss or damage.
It can also be hard to determine the value of certain items like old heirlooms, so if you don’t have an agreed upon value before the moving starts, you’ll likely find resistance from your moving company when it comes to paying out for the desired amount you were hoping for.
The important thing with all this is that you start early when it comes to looking for the right insurance to protect your possessions. We recommend looking at the market and understanding exactly what different providers are offering. Some will be able to offer your standard valuations and policies for your shipment, while others will require more diligent inspection of your items before a final policy is agreed.
Do Your Research
Once you feel like you have a good general sense of the landscape for moving insurance, make sure you do your research and read plenty of online reviews. If you can get recommendations or reviews word-of-mouth, even better, but typically you’ll be able to find a great deal about both moving companies and moving insurance if you look hard enough online.
A big red flag is if you don’t see any information at all online. This could mean the company is relatively new or that online testimonials have been edited or removed due to their poor reflection on the company’s services. It’s okay to trust your gut sometimes, but in these cases, we recommend going with someone who will be 100% reliable in handling your items.
Types of Moving Companies and Policy Providers
There are many different types of moving companies and insurance providers out there. Knowing who they are and what they offer will help you to take out the best policy.
International Moving Companies
If you are moving from one country to another, you are going to need the help of an international moving company. Generally, they should be able to handle everything from packing and transport to unpacking. However, are these the best people to get your moving insurance from?
In some cases yes, as they will have stand policies that can cover your entire collection of possessions. In other cases, their offerings may not be sufficient enough to guarantee the level of protection you need when moving abroad.
Third-party Moving Insurance Providers
There are a number of insurance providers who also specialise in moving. Whether it’s domestic moving cover or international policies that cover whole estates, you can find a range of companies who will be able to tailor a policy to your needs.
Some will be more affordable by offering you set packages and terms, while others will offer you a highly personalized policy based on your individual items. For example, if you’re moving an antique vase heirloom, you might be able to get a specific cover to handle this precious item and cover you in the event of damage during transit.
What Determines Moving Insurance Premiums
Some significant factors that will inform your international moving costs and insurance policy are:
- The volume of the shipment measured in cubic feet or cubic meters
- The method of transportation
- The value of individual items
- The distance to your new location
Finding the Right Moving Insurance Provider
There will be an appropriate insurance policy out there for you, no matter what your budget or requirements. Whether you choose to go with your shipping carrier’s insurance or take out cover with a specialized third party provider, make sure you always protect your items when moving.
At the Insurance Broker, we can help advise you on the best policy for your needs and offer you tailored cover options depending on what matters most to you. Get in touch for more information or a quote from one of our friendly staff.