Are you looking to join a Besure pool, but you’re not sure about how coverage works? Here are some of the most frequently asked questions about Besure pool coverage to help guide you.

While Peer-to-Peer insurance may seem like a new concept, it’s actually based on an old concept used many years ago, when communities would come together to support each other in times of need. Besure aims to restore that mutual support system by providing an online platform for like-minded people to pool their resources and protect against a shared risk.

Some of the reasons why people are switching to peer to peer insurance platforms like Besure include:

  • There’s less likelihood of insurance fraud. When you create an insurance pool with family, friends, or people you trust, members are less likely to make fraudulent claims.
  • You’ll enjoy lower premiums. Because Besure’s P2P platform is digitally driven, there are no overhead costs, allowing you to enjoy lower premiums.
  • Leftover funds are returned If no claims are made over the coverage period, or if there is money left in the pool, all members receive cash back. This also works as an incentive to avoid claims unless absolutely necessary.

 

Comprehensive Pool Coverage That Protects You In All Situations

Unlike with traditional insurance, Besure places the power in YOUR hands. You create the pool and decide on the coverage, so you can ensure that the insurance will always work in your favor.

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HOW BESURE WORKS

 

Everything You Need to Know About Besure Pool Contribution and Coverage

If you are considering joining or creating your own Besure pool, you likely have questions about how the pool contribution and coverage works. Below is a guide to help you understand better how our P2P insurance platform gives you more affordable, transparent, and fair insurance.

  1. How Do I Pay the Pool Contribution? During the process of joining a pool, you will be prompted to pay the contribution amount. Besure currently uses Paypal as the payment portal and the actual transaction will occur via their platform.
  1. Which Currency Are The Contributions Made? All transactions are paid in Canadian dollars. This will be converted into your local currency via PayPal.
  1. Will There Be Any Transaction Costs? Our current transaction fee via Paypal is 2.9% + $0.40 per transaction. Our team is always on the lookout for new ways to help Besure members save money and we;ll update the site as we add new rates or partners.
  1. What If My Pool Doesn’t Have Enough Money to Pay All the Claims? Pool contributions are determined using actuarial experts. This is to minimize any situation where claims exceed pool funds, but there may be times when this situation does occur. If a pool doesn’t have enough money to cover all of its approved claims, then every member’s claim is proportionally reduced.
  1. Is There a Maximum Monetary Figure a Pool Member Can Claim? The number referred to as the pool’s coverage is the maximum monetary figure that can be claimed. This figure is specific to each pool.
  1. How Many Claims Can I Make? Every pool member has the right to make one claim submission during the coverage period. Therefore you must be very careful to only make a claim when a significant loss occurs. Whether the claim is approved or denied, once you have made a claim, you won’t be able to make another one in the pool.

BESURE FAQs

 

Call Today

To find out more about how to create or join a Besure pool, or to know more about how our P2P insurance platform can give you the affordable and customized coverage you need, contact us at 403-460-6961 or fill out our online contact form. You can find us at 1214, 12 Royal Vista Way NW, Calgary, AB, T3R 0N2.

 

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