Insurance Buying
Tips
1. Find a Good Insurance Agent
Buying insurance can be confusing. There are different coverages,
deductible amounts, co-insurance requirements, insure to value
clasuses, and many more terms that ordinary people simply do not
understand. A good insurance agent can help you navigate through
the sometimes complicating process. And if you have an insurance
claim, agents can help with that too! You can find a local agent in
your area at our
Find An
Agent tab.
2. Choose your Deductible wisely
Many
insurance policies such as
HomeOwners
Insurance and
Car Insurance
policies have
Deductibles.
Many people tend to choose high deductibles because it lowers their
overall
premiums.
However, be aware. Do not choose a deductible that you cannot
afford if you have a claim. If you cannot afford to pay $1000 out
of pocket, do not choose a $1000 deductible. When choosing a
deductible amount, select the highest amount you can afford to pay
out of pocket, but nothing higher.
3. Shop Around
There are a large number of insurance
companies offering all types of insurance. So shop around and get
multiple quotes for whatever type of insurance you are looking for.
A good insurance agent will obtain mulitple quotes on your behalf.
It costs nothing to get a quote and you can save a lot of
money!
4. Always Buy State Required Insurance
Some types of
insurance such as
Life Insurance
are optional. Others, such as Car Insurance, are mandatory. Almost
all states require motor vehicle operators to purchase a minimum
limit of
Auto Liability Insurance. If you do not purchase your
state's compulsory auto insurance and you are caught driving
without the minimum required insurance, can you lose your driver's
license.
5. Get Discounts when possible
Most insurance
companies will provide significant discounts if you buy more than
one type of insurance from them. For example, many insurance
companues will offer a 10%-15% discount if you purchase both your
Homeowners Insurance and Car Insurance polices from them. Same
applies with other types of insurance policies such as Boat
Insurance, Motorcycle Insurance, Renters' Insurance, Life
Insuranc,etc... These discounts can save you hundreds of dollars
each year.
Buying insurance does not have to be burdensome. By following the
tips above, you can make the process easier and hopefully save some
money while doing it.
