Everybody makes mistakes, but a couple of guidelines can help you avoid them. Especially with insurance, you don't want to learn from mistakes. You would much rather get it right the first time, whether it's dealing with car accidents or house fires or hurricanes. To help you out with your insurance ideology, a list of the seven deadly sins of insurance has been prepared just for you:
1. Don't be lazy.
One of the seven sins is sloth, and no, I'm not talking about the animal. Not taking the time to learn about your insurance and/or procrastinating your insurance needs will not put you in a good place. It's far better to look at your insurance options sooner rather than later. Who knows? Maybe your path to not-being-lazy begins with this blog post- keep reading! (We have plenty of other posts for you too!)
2. It's not all about the price.
Yes, price is important. But it's not the only thing. Slightly more expensive policies may cover a lot more than your basic policy. For a few extra bucks a month, would it be worth it to add this to your coverage? The odds are that if you won't really notice the difference in your wallet, then consider the more expensive policy with the greater coverage. Speak to your insurance agent if you have any questions about prices.
3. Know what you're purchasing.
Insurance has a language of its own, and everybody is susceptible to misinterpreting it. It's important to know your insurance vocabulary, and even then, to know what it all means. (Helpful hint: if you can speak in plain English about your policy and it's coverage, then you're good. If you can't, contact your agent and understand exactly what policy you have and what you might want to get/lose in the future.) Be wary, certain policies may not cover for what you think they might. A good example of this is a homeowner's policy that will not cover for fine jewelry. If you need a collection, fine art or jewelry quote, click here.
4. Shop for policies.
People don't always like change, but change with insurance can be a good thing. You might not know it but, other insurance options may be out there with the same coverage for a lower price, or better coverage for the same price. We do the shopping for you here at Andrew G. Gordon, Inc.- just click here to request a quote and we'll find the most suitable one for you. Just don't leave yourself limited to the same old, same old. You could be missing out.
5. Have the perfect amount of coverage.
This might surprise you, but it is possible to have too much insurance. It's just as possible to have too little. Over-insuring and under-insuring are equally as bad but for different reasons. With too much insurance, you will be paying an excessive amount for your coverage (and that's just unnecessary). If you are under-insured, your coverage may not adequately provide for you in a scenario where you need to file a claim (i.e. car damage). Your insurance agent will always help you find a suitable policy which covers an appropriate range with a reasonable price.
6. Ask about discounts.
If you qualify for insurance discounts, you sure should use them! Insurance discounts are often rewarded on the basis of an excellent driving record, home security systems, extra driving classes, etc. Don't be too proud to ask about some of these amazing discounts; they could end up saving you a lot! For auto discounts, click on the link.
7. Be cautious and patient.
Many of you are probably familiar with the phrases like "road rage" and "kitchen fire". Don't get angry on the road, or you could face several surcharges in your auto policy. Similarly, don't use failing electrical appliances in your kitchen and burn your house to the ground. If you ever find yourself in need of filing a claim (you probably will at least once), calmly report the claim with as much detail as possible. Your insurance agent is here to work with and help you, but you also have to be able to work with us. Things go a lot quicker and a lot more smoothly that way, and we want you to be able to enjoy your life without fear of loss.
There you are! The seven deadly sins of insurance. We hope you put into consideration some of these insurance mistakes and avoid making them yourself. If you have any questions about your policy, or would like us to shop around for a new policy for you, feel free to click the buttons below! Or simply contact us. Learn more about personal insurance here.