Saturday, August 15, 2015, AM | Leave Comment
Insurance policies are designed to protect you from unplanned occurrences and worst case scenarios. While the protection your insurance provides you is invaluable, it can also be more expensive than it should be if you’re not careful.
First-time insurance policies are notorious for costing more than they should.
Policy holders add more coverage than they would reasonably need, or rely solely on the company to solve any future dilemma they might encounter.
Here examines some ways you can ensure you’re getting a good deal on your first insurance policy and what not to miss out on.
Check the Deductible
Deductibles are the first place you should start when examining any insurance policy. The difference between a $500 and a $1,000 deductible could mean the difference between paying $50 a month for car insurance and over $100.
If you’re not sure what deductible you should use, speak with an insurance agent. People who are determined to be less of a risk can generally utilize a higher deductible on their insured properties.
Look for Discounts
Experienced insurance agents will generally suggest discounts where applicable, but even then, they might miss a few. Your insurance company likely has a list of insurance discounts, which means you can go through the list to find out what discounts your policy may qualify you for.
For example, your life insurance policy may include disability insurance which means if you are ever considered disabled, your premiums may be paid by your insurance agency. If this applies, and your insurance company won’t give you this discount, then you may need to seek the help of an experienced disability attorney to coax them to do so.
Verify Your Policy
Some parts of your policy may not be applicable to you. For example, things like flood insurance may not be needed on your home if you live on top of a hill. By dropping things your policy doesn’t need to cover, you can save substantially on the policy overall.
Evaluate Your Insured Worth
One thing first-time insurance buyers often do, is overestimate the worth of their property. They may insure their home for far more than the contents are worth, or may not factor in how their car will depreciate.
Regularly evaluate the worth of what you have insured. If you’re carrying too much coverage on an item, consider dropping down your coverage to the cost of an actual replacement.
Consider Changing Companies
Not all insurance companies are created equal. Some will give you a remarkably better rate on your insurance than others, depending on what you want to protect.
The best way to save money on your insurance policy is to purchase a competitively priced policy that best meets your needs while working closely with an experienced insurance agent who can guarantee the price you’ll pay. Shop around to find a deal that works for you.
While saving money on your policy may require diligence and persistence, it’s well worth it to do so. When you save on what you protect, you’ll save money on any unforeseen accidents or circumstances in the future as well.Facebook.com/doable.finance