Insurance Buyer’s Guide

Once you get your insurance quotes, you’ll have to make an important decision on which coverage and carrier are right for you. To assist your decision, we’ve put together this helpful insurance buyer’s guide. Everything you need to know to make the best choice, for the type of insurance you need, is right here.

Choosing Your Coverage Levels

Your insurance quotes will largely be determined by the level of coverage you select. In general, the more coverage you would like, the higher your quote or premium will be. To determine the right amount of coverage for your situation, you will want to consider what you can afford both now and later. In other words, is paying lower premiums now worth the risk of high out-of-pocket costs if you have to file a claim? If you know you can absorb hefty deductibles, you might be able to opt for lower levels of coverage. On the other hand, if you know your financial situation is tight, protect yourself from further financial damage by carrying coverage with deductibles you can actually afford to pay if necessary.

Selecting a Carrier

Once you have your insurance quotes, you’ll have to select a carrier for your new insurance policy. Compare your insurance quotes on the basis of cost, terms, and coverage levels. Always keep in mind that the lowest quote doesn’t always translate into the best total deal. Coverage and terms are equally as important as price. Here are six tips to help you make your insurance quotes shopping experience a good one:

1. Select a carrier that has a solid financial background. In the event that you have to file a claim, you want your insurance company to have the wherewithal to pay it. The financial ratings of insurance companies are available in any of the popular indexes, such as A.M. Best or Standard & Poor’s. For the companies that provide your insurance quotes, compare their financial ratings.
2. Consider consolidating your policies for convenience & savings. Almost all insurance companies offer discounts to customers who hold more than one policy with them. These discounts can add up to considerable savings, so think about taking out more than one policy with a single carrier. For example, if you need auto and life insurance, consider having one carrier handle both policies to save money and time.
3. Check into the carrier’s record on claims payment. When you file a claim, you don’t want your insurance company fighting you tooth and nail for your claim money. The best way to avoid this is to look into the company’s record on the payment of claims. Your state’s insurance website should have this information.
4. Always ask about discounts. Most people qualify for several discounts on their insurance policies that they are completely unaware of. Usually, if you don’t ask about discounts, you won’t get them. Don’t hesitate to ask your carrier’s representative about any discounts you might be eligible for. Insurance companies reward certain low-risk behaviors with considerable discounts.