Mistakes You Might Be Making While Buying Car Insurance
Buying auto insurance can be tricky business. If you think youve hit jackpot with finding the cheapest car insurance, you might want to reconsider. Dont convince yourself into believing that cheap car insurance is the best way to go. Remember, haste makes waste. And you dont want to find out the hard way that youve signed on with a company that has a history of poor customer service, or worse, you havent bought enough coverage to adequately protect your assets. Try to avoid these mistakes at all costs:
Not shopping around for multiple quotes
Why should you shop around? Because companies offer competitive car insurance rates, attractive discounts and schemes that might considerably lower your premium costs. And since you want to make sure you get the best deal, your best bet is to approach at least 3-4 car insurance companies for rates.
Not reviewing a policy on an annual basis
If youve already signed on with an insurance company, its important to review your policy on an annual basis just to make sure you still have a policy best suited for your requirements. However, some people go ahead with annual renewals without reviewing their policy; no questions asked. The problem with this is that car insurance premiums might change with certain changes that take place in your life (marriage, divorce, retirement, adding teenaged kids to your policy etc). Its a good idea to inform your company of these occurrences as they happen to make sure you still have the best deal from them.
Not getting enough coverage
While minimum liability coverage is required by law, theres no telling if it will be enough in some situations. Its important for you to have an understanding of your assets and the amount of financial risk involved should you meet with a serious accident. Your insurance should be able to cover the assets you wish to protect.
Lying on your application
A BIG mistake; one to be avoided under all circumstances. You might lie about the miles you put in one your car or where you park it at night etc. Just remember that while this could get you quick discounts, theres a good chance your lies will get found and that could put your coverage in jeopardy.
Buying home and car insurance from 2 different insurers
Most auto insurance companies offer discounts to customers who buy multiple policies from their company. Instead of buying home and car insurance policies from 2 different insurers, find out if your car insurance company also offers car and homeowners insurance.
Not bothering to read reviews
Reading reviews about a car insurance company is the best way to find out about the companys customer service, any complaints that people might have with them, where people think the company stands out etc.
Youre investing a great deal of hard earned money in car insurance. You might as well try to avoid making mistakes that might cost you a pretty penny.
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