One of the most challenging things to shop for is insurance. Any type of insurance whether it be car, life, home, boat, fire, flood or pet insurance poses a challenge to the most seasoned shopper. This is because there isn't any tangible, physical thing to handle.
Since insurance is a bit touchy to shop for effectively, here are a few things to look for:
Don't let an agent talk over your head with terminology. Tell him or her to slow down and speak English. After all, they went to school for this and it is like a second language to them.
Take your time and refuse to be rushed into a decision. Buying insurance is a long term commitment for you (the buyer). Be sure you get the right policy for your needs. Ask questions and be sure you understand the limits and deductibles before you leave that office.
Ask for a discount for multiple policies. Most companies offer discounts to policyholders who "package" their insurance with a single company. This could amount to a significant annual savings for you, BUT they may not offer it to you. Ask for it and be prepared to haggle a bit if need be.
Get a few quotes and compare the coverage's for the money spent. You may find a lower priced company with better coverage hidden in the folds of the legalese of the policy!
When comparing the different policies, figure out the average cost and make sure you are in that ballpark. DO NOT SIGN ANYTHING UNTIL YOU KNOW THE WHOLE STORY!!
Ask if there are penalties for allowing coverage to lapse and if they can be waived in certain circumstances. This should be a standard across the industry.
Now shopping for insurance in the office is a tedious experience. In order to be able to compare policies, you would need to go to several appointments, speak with several companies and make all kinds of notes.
It is much easier and faster to do these tasks online. Shopping for insurance online affords you a couple of unique opportunities. First, you will have all the information in front of you in writing. In this way, you can go over it in depth and really get informed. Plus you have it in black and white and it is a formal quotation. No back pedalling on the agent's part and no surprises for you 3 months down the road.
Second, there are numerous websites where you can go and ask for a quote on any kind of insurance you may need. The information that you put in is distributed to several different agents. They will contact you with their offers directly. Even better, they will be forced to compete for your business and that translates to bigger savings for you!
Whether you are doing your insurance shopping online or offline, the rules are the same. Don't rush, don't get lost in terms, look for the discounts, compare a few policies and be aware of the penalties. Remember that an informed, educated consumer is a happy consumer as well as a salesman's worst nightmare.
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1 comment:
Amazing tips. All the tips are great and helpful that will help in making a cheaper policy. Please do also share the points to be considered while selecting a carrier. I will refer this post to all my close friends.
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