You’ve probably heard that you should “shop around” for the best deal on an insurance policy. However, this takes a lot of time. Plus, policies with similar prices and similar names may not offer precisely the same coverage.
So how do you compare insurance policies to ensure the best possible price also offers the best possible coverage? Let’s take a look.
Understand What You Need
Buying insurance with the mindset that the cheapest is best is a surefire way to head towards disaster. Insurance should always align with your needs.
As an example, buying state-required minimum liability coverages on auto insurance isn’t sufficient protection. If you’re in a serious accident, you’ll pay anything beyond your insurance coverage. If you don’t understand insurance, you need help.
Seek Expert Advice
Unless you’re an insurance professional that understands insurance policies, you won’t truly know whether you’re comparing similar products. You’ll waste your time asking for multiple quotes from insurers, but you won’t delve into the fine print that can affect your if you ever need to file a claim.
Looking for a great deal online won’t give you access to all of the products that are available, either.
Insurance Agents Work for You
Working with an independent insurance agency like ours makes this process easy. We understand insurance, have access to many more products, and understand the types of coverages that you need.
Not to mention, we do all the legwork! We’ll take the time to get to know your needs, seek out appropriate products, and recommend the best – saving you time and money.
Balancing Coverage & Deductible
Every policy offers certain coverage types and limits with a choice of deductible. We will balance the most suitable coverage limits against your out-of-pocket costs. A higher deductible can lead to lower premiums, but that is only viable if your financial position can support this option.
Working with Reputable Carriers
Insurance agents are industry professionals. Our agency monitors the financial position of insurance carriers through a rating system. No one wants to deal with a company that could potentially fail or renege on claims.
Additionally, we know first-hand which companies offer good customer service. Prompt and efficient claims handling, friendly agents, and in-depth knowledge are just as important as a good rate.
Delving into the Fine Print
The devil truly is in the details when it comes to insurance. Some options on policies include additional costs. Others have specific limits on specific items. Still others won’t cover you at all under certain circumstances.
It is extremely important you understand all the clauses in an insurance policy, before you buy. Otherwise, your insurance could let you down when you need it the most.
Almost all insurance companies offer discounts, but not all will apply to you. Plus, discounts aren’t necessarily applied automatically.
When comparing policies, discounts can make a significant difference in your overall cost. You may be able to get a multi-product discount if you use the same company for two or more insurance products. You may also qualify for a discount if you pay part or all of your premiums upfront.
Other potential discounts include ones for customer loyalty, remaining claims-free, good driving, adding safety features to your home or car, hybrid vehicles, and more. A good insurance agent looks for these of your behalf.
By far, the simplest and most effective way to compare insurance policies is through a local, independent insurance agency like ours. We work for you and have a duty to protect your interests. Give us a call, today.