With so many options available, how do you know if you’re getting the right insurance coverage at the best possible price? These five common sense insurance tips can help simplify the buying process and help you feel confident that you’re getting the best deal possible.
Don’t Go It Alone
Insurance products are meant to address specific needs. As a result, buyers will find policies with a variety of benefits, features, and prices.
Many people believe they can find a good deal online. However, without in-depth insurance knowledge consumers often focus on just the price, not how much protection they’re getting for their money. Unfortunately, this often means they buy products that fall short when they need the most.
Independent insurance agencies like ours work for you, not the insurance companies. Why go it alone when you can rely on the expertise of an insurance expert? We can help you compare products that provide the right amount of coverage for your specific lifestyle at the best rate possible.
Realign Coverage Annually
Insurance shouldn’t be a “set it and forget it” situation. Your needs will change and your insurance should, too.
An annual insurance review is a great way to revisit your policies and any changes that occurred within the last year. You’ve probably bought more items and you may have upgraded your home. Plus, the cost to rebuild your home may have increased as labor and material costs rise.
Your agent will realign your coverage to ensure you have funds to rebuild in the case of a total loss. They’ll also establish policy limits to protect your personal property and you and your family against liability.
Don’t Depend on State Auto Insurance Minimums
Drivers may be tempted to rely on state minimums for their insurance needs to save money. In Rhode Island, that’s $25,000 for bodily injury up to a maximum of $50,000 per incident and $25,000 for property damage (25/50/25).
Consider how much an accident might cost you, especially if someone decides to sue. The meager savings in lower premiums could end up costing you your financial future.
Your liability limits should be based on your assets. Those with a lot to lose may will likely need more coverage than a standard policy offers. As a result, your agent may recommend an umbrella insurance policy, too. It kicks in if a lawsuit maxes out your auto insurance policy.
Using an independent insurance agency offers another benefit, too – access to discounts. Providers don’t always offer them automatically and buying from various online providers can mean you miss out on them completely.
Insurance companies may offer you a discount in the following cases:
- Early renewal or full payment
- Loyalty to one company
- Good student
- Good driver
- In the military or professional organization
- Monitored security or fire alarm system or leak sensors
- Vehicle safety additions such as car alarm
- Impact-resistant or wind-resistant roof
- New wiring or plumbing
- Live in gated community
- Live in a new home
These are just some of the discounts available. The more your insurance agent knows about you and your belongings the more likely it will be they can find discounts to reduce your premiums.
Bundle Your Insurance Policies
A good insurance agent also looks at ways to bundle your policies for further savings. This could save you between 5 and 10 percent, plus it is much more convenient. You deal with one insurance company and one premium.
A local and independent insurance agency like Loiselle Insurance is your best resource for value and effective coverages. We’ll make your insurance dollars work harder. Give us a call, today.