Regardless of the type of insurance, you are looking for, be it auto insurance for your car, home insurance for your residence or life insurance; you can save money on your insurance premiums if you do some research and know the necessary rules and regulations. Insurance brokers know these rules but some of them perhaps try and steer clients towards policies that will make them the most commission. When I moved from St. Louis to Kansas City and tried to get insurance for my car I was told that auto insurance is more limited in Kansas City than St. Louis. In St. Louis I was paying less than $900 for my car insurance, imagine my surprise when my car insurance, quote for similar coverage in Kansas City came to a whopping $2100! I looked into this and they were wrong. This would have saved me more than $500. So doing a bit of research does save you money.
Independent Insurance Brokers can also Save you Money
Buying insurance from an independent insurance broker will also save you money as independent brokers with many companies and can select a company that will save you the most. Insurance requirements are different from one state to the other. Insurance requirements in the state of Washington are probably not the same as what is mandatory in the state of Florida. A broker can guide you as what coverage is required by law and what is optional for you to buy if you decide to do so. The chances are you can save more by going to an insurance broker rather than buying directly from an insurance company.
Does your Insurance Policy really protect you?
When do Insurance Agents get paid?
Insurance agents jobs are to sell insurance. They may be friendly, courteous and polite, However, they get paid only when they sell you an insurance policy. On this website, you will find information and tips on Auto Insurance
One of the hardest things to sell has always been insurance. All the buyer gets is a piece of paper for the money he/she pays out. To convince people to buy insurance, especially life insurance, agents will sometimes go to extremes and scare the pants out of families to instill on them how important it is to protect family members from sudden death. People find themselves just want to sign the dotted line so they can get on with their lives. Buying insurance may be a good or bad idea depending on your own financial and family status. What you buy, can also make a difference and yes shopping around can save you money.
Understanding Insurance Policies in Simple Language
What is insurance?
Insurance is the promise of reimbursement in the case of loss. In reality, when you buy insurance you are given a piece of paper called an insurance policy that gives details of the types of losses you or your designated loved ones will be compensated for. Many consumers fail to realize that this policy document also lists many clauses under which the insurance companies can deny claims. Suppose you are covered for theft by your home insurance policy. If you invite a someone to your home and they steal your laptop or some other item that they might fancy. Are you sure your home insurance would cover such theft? There are far too many exclusions in insurance policies that people fail to understand and insurance agents often don’t bother to explain. Sadly these exclusions only come into play when claims are denied.
Insurance and life today!
Insurance has become part of our everyday life today. Life without insurance would be one big worry for people today. When you buy insurance you are actually trying to buy some type of peace for your mind and avoid unnecessary worry. For instance, if you are a homeowner you may worry that your house being destroyed by an accidental fire. You may try and take all steps humanly possible to ensure that your house does not catch fire, however, accidents can happen and to many of us this is a cause for concern. We cannot continuously worry about the possibility of our house burning down and being left homeless. The only solution left to us is to cover ourselves with insurance so in case we do suffer a loss, we would be compensated for it. Having insurance to cover losses is fine and gives us a feeling of having a safety net around us. However buying insurance randomly by signing on the dotted line and getting a policy that may not fully cover your loss is equivalent to putting your head in the sand.
Insurance Agents – Who do they work for?
Despite what your friendly insurance agent tells you, insurance agents work for Insurance companies. They are appointed by insurance companies to sell their product, which of course is their companies insurance policies. When the time comes to get the compensation you may sadly discover that certain conditions in your insurance policy may be used to deny your loss claims. Many of us do more research before spending money to buy a small home appliance compared to the time they spend when buying an insurance policy. Do your homework before buying an insurance policy. A little time spent shopping for the right insurance is well worth the time.
Insurance Companies – Insurance Policy – Insurance Agents
I have often heard people saying that all insurance companies are the same. They offer the same coverage. I beg to differ, all Insurance companies are not the same and moreover, all insurance agents are not the same. It is up to the consumer to be alert when buying insurance to ensure that they are protected by insurance coverage. One of the hardest things to sell today is Insurance. This is one sale where the buyer gets nothing for his money but a piece of paper called an insurance policy. Insurance agents are paid by insurance companies from the premiums they collect from your insurance policies. Some agents sell insurance for many companies and claim they are independent agents and work only for the interest of their clients who they sell insurance to. Hearing this sort of thing often makes insurance buyers feel that the agent is representing them only. Regardless of what agents tell you when selling you an insurance policy. They work for insurance companies. No matter how well dressed, affluent and popular your agent may appear, insurance buyers must be alert when buying insurance. The job of insurance agents is to sell insurance and they will try and sell you their insurance policies whether you need it or not. So discuss your insurance requirements with family members first to access your insurance requirements.
Do you need an Insurance Agent?
The general public cannot be expected to have knowledge of insurance policies. In fact, there are hundreds of kinds of insurance policies. Many policies are tailor-made to suit insurance needs of various groups of people. This is where a good insurance agent comes in.
How to Choose an Insurance Agent
Good agents will be able to advise you on exactly what your insurance needs are. A professional agent should be able to access your insurance needs and provide to with various choices to select the policy that meets your individual need. One of the suggestions that I would like to put here for those of you buying insurance is to avoid buying insurance from your friends. In order for an insurance agent to truly access what insurance you need and how much you can afford, agents need to know some personal or financial details. Many of us may not want to discuss such things with friends. Friendships and business dealings are difficult to mix. Shop around until you find an agent who you are comfortable with in discussing your insurance needs. With the Internet today we have access to numerous insurance companies, brokers, and agents whom you can contact right from the safety of your home and get information online. Check out your local yellow pages if you do not like to use the Internet.
How to choose an insurance agent – Points to consider
- Don’t get rushed into signing on the dotted line without understanding the policy terms.
- Be very wary of terms such as ‘Exclusions’ and ask for explanations. The best way to understand something is by way of example, your insurance agent should be able to provide examples of different insurance situations where exclusions mentioned in a policy would cause your claim to be denied.
- Regardless of how well dressed your agent is or the fancy car he or she may drive, don’t get intimidated by smart-talking insurance salesmen. After all, you are the buyer and the agent is trying to sell you a policy.
- Don’t let agents talk you into buying too much insurance. For example, if your home furniture is valued at $10,000 dollars and your policy provides replacement value. Insuring your furniture for $50,000 will not benefit you. In case replacement is required you will only get the replacement value which may be around $10,000 or slightly more. However, you would have been paying a higher premium for higher amount insured without any benefit.