Common Mistakes People Make When Purchasing Insurance
Insurance is your financial safety net which allows you the ability to recover when life happens, and disaster strikes. It is essential that individuals and companies find the proper insurance coverage to protect their most valuable assets at affordable rates. However, finding the right insurance to fit your personal situation can often be a hassle.
The coverage and options offered by the policy may seem confusing and overwhelming to you. Moreover understanding the benefits of the respective insurance policies may not always be clear. Besides, you may not be aware of the different insurance products available or understand the differences between them. This lack of knowledge could lead you to select an insurance product that is not beneficial and ends up becoming a costly mistake.
To help you avoid basic errors like these, S C Glenn Insurance & Associates Inc. has put together a list of the most common mistakes people make when purchasing insurance.
1. Not comparing rates.
Insurance rates are set by certain characteristics such as age, marital status, geographical region, driving record, etc. There are many insurance companies out there, and there may be some variance among them in terms of cost, resulting in potential savings. Rates from different companies will allow for financial comparison, and you might lose potential benefits if you do not “shop” for a good insurance rate.
2. Not comparing different products or choosing the right carrier.
Many insurance companies are offering similar products. It is time-consuming to compare all the products, and you might end up buying an inappropriate cover with your limited knowledge about the carrier. It is advantageous to hire an independent agent who has access to multiple carriers and can shop multiple companies at one time to give you that cost-coverage comparison. This saves you time and money!
3. Not understanding the policy.
Most people buy insurance because they have to. As a buyer, you may not even be aware of why insurance is necessary and how the process works. They insurance terminology might seem Greek and Latin to you, and you might end up buying the incorrect and inadequate coverage and that too at higher rates. A good agent advises and educates on these critical aspects and is a thorough and proactive guide.
4. Not taking advantage of available discounts.
Did you know some companies offer a discount for quotes obtained ten days before the effective date of a new policy? Are you aware that you are eligible to discounts for having multiple vehicles on the same policy or by having your home and auto insurance with the same company? Student academic performance, paying a policy in full and driving education can also be rewarded with discounts. As a consumer, you may not be in a position to take advantage of the current updated discounts schemes. This is why it is best to hire an independent agent who can assist you in applying discounts.
5. Not carrying out basic research.
You might just choose a carrier who advertises the most without a proper understanding of the way they settle claims or how good their good financial standing is. A good customer service experience is the basis of your experience, and it is imperative that you purchase insurance post thorough research of the reviews and ratings of potential carriers and types of coverage they offer.
To avoid these and other mistakes, reach out to the experts at S C Glenn Insurance & Associates Inc. Offering the most affordable car, auto, and life insurance in Atlanta, Georgia, Alabama, we are your trusted partner for all your insurance needs.
Our licensed insurance agents offer affordable auto, home, life, business insurance, commercial vehicle insurance, and surety bonds to clients across the states of Georgia, Alabama, North Carolina, Indiana, Illinois, Maryland, and Washington DC. Our focus is always geared toward getting our clients the lowest rates for their insurance needs since we began in 2015. For a complete list of our services, please click here. If you have any questions about purchasing insurance, we’d love to hear from you. Please contact us here.