Wherever you look these days, it seems you can’t escape all about how to save money on insurance. Of course, saving money is something we all want to do. But buying a policy strictly because it’s the lowest price may end up costing more in the long run.
Think of it this way. If you need a lawyer or a financial planner, would you be comfortable choosing one with discount rates? Probably not. You want someone to get the job done right, not just close a sale by offering the lowest rates. Buying insurance is similar in a lot of ways.
Insurance protects your family and what matters most to you. Your personal insurance policy is designed to protect your assets, your livelihood and guard you from financial ruin in the event of an accident.
There’s a tremendous amount on the line here. What’s more, insurance needs differ from person to person. What works for parents or friends may not be what’s best for you.
That’s why it’s essential to be sure that your policy offers adequate coverage based on your specific needs.
Five things to consider when buying insurance (that are actually more important than price):
1. Be careful of auto insurance that protects only up to your state’s minimal limits. On average, one in eight drivers on Connecticut’s roads are without insurance. Do you have enough coverage if you suffer a loss by one of them?
2. If you own a home, do you have extended dwelling coverage or guaranteed replacement cost in the event of a loss? Do you have coverage for water and sewer backup? And what about coverage for personal injury, or the kinds of liable and slander claims which are happening more and more these days with social media proliferation.
3. Find out if you can benefit from optional coverage. Depending on what you want to protect, you can add optional insurance coverage to protect valuable, appraised items such as jewelry or fine antiques; or to help cover legal fees, lost wages and other costs involved with having your identity stolen. You can even opt for expanded insurance to protect expensive sporting gear or musical instruments.
4. You will always want good service. Look for an independent, local agent who can guide you, be your advocate when a claim arises and handle the requirements and details to help get you get up and running again as quickly as possible.
5. Just because an ad says they can save you time and money doesn’t mean you’ll get the insurance you truly need. What’s most important is to work with an agent who will take the time to ask you the right questions and get you the best coverage for your specific needs. You might be pleasantly surprised to find that the right coverage may be more affordable than you think.
Your family’s security and your own peace of mind are worth a phone call to find out.
When it comes to protecting and preserving what matters most in your life, it’s always better to be sure you have coverage that’s right for you and your family.
Jared Carillo is a certified insurance consultant with Smith Brothers Insurance, 68 National Dr, Glastonbury. For more information, visit smithbrothersusa.com; call 800-426-6946/ 860-652-3235 or reach them via email,Info@SmithBrothersUSA.com.