These days, it makes sense to check out every household expenditure to make sure you are getting the best price possible. In the long term, even small unnecessary automobile and home insurance expenditures can add up to a big chunk of cash that could have been used for your children’s college tuition. Here are some tips to get the best deal you can on insurance that you and your family need.
Look Into the Averages
The first step in your insurance search should be to see what the average insurance prices are for the area you live in. Check out your state’s department of insurance website for information. Remember to factor in the value of your home and car when making the comparison.
How Much Coverage Do You Need?
Higher coverage levels will translate into higher costs, so make sure that what you are buying is truly needed. On the other hand, you do not want to be under insured in the event of a catastrophe, so do your homework about what you will need to rebuild your home and replace your possessions.
Take a Look Around
What are the actual values of your possessions? Before asking for quotes from insurance agencies, take a look around you and make a list of items and research how much they are worth. Consider if you still need replacement insurance on your oldest car. When you have a solid dollar amount for your possessions, you know what you need for coverage.
Do you have some especially valuable items such as a vintage collector car or a piece of jewelry? It is important to note that so insurance agents can quote rider policies which will ensure that you have adequate coverage for these special items.
Make sure to total up any assets you have such as investment accounts. You will want to take the value of your assets into account when determining how much liability insurance to purchase. This way, your assets are not at risk if someone gets injured while on your property.
Figure Out What You Are Comfortable With
When it comes to insurance deductibles, you need to figure out what you are comfortable with. A low deductible will come with a higher price tag than the same amount of coverage with a high deductible attached. When deciding what deductible amount is right for you, figure out what amount you can comfortably pay in the event you have a claim. It is also helpful to look at the annual premium total for both high and low deductible amounts.
Dig for Discounts
Make sure you’re getting all of the discounts that are available by asking potential insurers for a complete list of discounts they offer. Many insurance agencies offer discounts for safety measures that you have installed in your home such as a home security system, smoke detectors, and carbon monoxide detectors. Ask if the discount is for as long as the coverage lasts or if it expires after a certain period of time.
Check out the Key Contenders
When you have your final few insurer contenders, make sure that each of them are financially solid and are reputable with good reviews. Make a thorough web search of your company, and check out their reputation with the National Association of Insurance Commissioners. Even if their quote is low, do not continue to consider companies that have a reputation for poor customer service and make submitting a claim difficult.
Talk to Real People
Once you have narrowed your insurer list further, do not hesitate to talk to your local insurance agency that handles the insurers you are interested in. This way, you can discuss coverage details and get a good feel for how the insurer operates. The time you take to investigate your insurance situation and get accurate quotes will pay off in the optimization of your insurance budget.
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.