Buying Auto Insurance can be a difficult thing; many people don’t understand it until something happens that forces them to rediscover their policies. We believe that you deserve to know some important tips of the trade that can help you with your insurance.
1. Before you even buy car insurance, have an insurance specialty conduct a risk analysis on your automobile, property, and family. Some may think of this as an unnecessary precaution but it isn’t. Things that we cannot always foresee happen; a specialist could see them and help you avoid them.
2. When shopping for insurance, do not use an agent. Why? Because agents only represent one company; you should be able to shop around and see all there is to offer. Find an Independent Insurance Broker and let them help you. Brokers offer policies from multiple companies and give you the chance to find the best for you.
3. Sometimes, if an accident occurs or if there is damage to your car, you may not get offered the fairest options. This is called Depreciation. To explain: if your car were stolen, you would, of course, make a claim on it; however, you cannot expect to receive a full value reimbursement. After all, your insurance company would argue, you have to consider external factors: age, condition, the fact that you put over 100,000 miles on the car. They won’t pay full price for something that is far from new. And, it’s understandable; however, to keep yourself from losing too much money, keep the original bill of sale. On that bill, have all information you can to help your company come to a fair decision.
4. One of the greatest problems with insurance is how to keep the cost down. To do this, contact your broker and discuss how your vehicle is rated at present and how the company classes are determined. Your past rate may be higher than your present and you would be paying excess money for something you didn’t need.
These are just a few suggestions to help you understand auto insurance; for more, you should contact your broker or agent and discuss what options you have available to you.