Insurance Mistakes That Will Cost You

While going through life, you’ll find that mistakes can and will be made. At first it may seem like you want to hide away from the world until the mistake is forgotten, but for many, making mistakes is a great way to learn and move forward with your life. Thankfully, some mistakes can be prevented with a little bit of education. That is what we’re going to do today. Today’s blog is going to go over common insurance mistakes and ways to avoid them. Keep in mind that we are only able to discuss these mistakes because they have been made before. At the time it may be a bummer to make the mistake, but remember the more you know the better off you will be and by making the mistake, your knowledge will continue to grow!

• Low Deductibles – This may seem like it would be best for situations when you have to pay your deductible. Unfortunately, having a low deductible will increase the amount you pay for your premiums and you can end up paying more over time versus a lower premium with a higher deductible.
• Discounts – Who doesn’t want these? That’s a trick question because everyone wants a discount. Be sure to ask your agent for any discounts for your policies. If you don’t ask, how will your agent know you qualify? The discounts vary from company to company, so be sure to ask!
• Life Changes – Whenever you experience a major life change like marriage, move to a new state, or add a driver, the agent that offered you the lowest rate at that time may not have the best deal now. It never hurts to get quotes when you are in a current policy. But make sure you don’t trade the quality of customer care for the lowest price.
• Look at Reviews – When you find an agent you want to get a policy with, be sure to look at the agent’s reviews. In the last bullet, we spoke about not sacrificing great care for lower price because it will be a hassle if you have to file a claim. Be cautious with companies that have more complaints than complements.

There are many more mistakes that can be made, and many will probably make the mistake before you can correct it. Just remember that we learn from our mistakes and the knowledge gained will be beneficial to you and those you share it with.