When purchasing a new auto or home insurance policy, it is a smart decision to let your insurance agent's knowledge work for you. Not only can your insurance agent help you find the policy you need, your agent can help you procure the best rate and ensure you have the appropriate coverage levels. Here are a few questions you should ask your insurance agent.
1. What discounts are available?
Make sure to talk with your insurance agent and see what kind of discounts your insurance company offers. For example, many insurance companies offer discounts to individuals who are members of certain organizations or who work for stated employers.
Most insurance companies charge for the privilege of paying an insurance premium in installments. However, you can likely take steps to minimize the costs of using this option. Some insurance companies may discount the installment fee if you opt to have your monthly payment deducted from your checking account or charged to your credit card.
It is common for insurance companies to offer discounted rates to customers who have multiple policies. See what kind of price break your agent can provide if you decide to move all of your insurance polices to one insurance company.
2. What additional insurance products do you recommend?
To protect your belongings and financial assets, it is important to make sure you are properly insured. Have your insurance agent review your policies and coverage levels and see what riders or policies it makes sense to add.
For example, with an auto insurance policy, you may believe that opting for liability-only insurance is the best way to save money. However, this can leave you vastly uninsured against theft or damage due to a number of instances outside of your control. Run the numbers with your agent to see if the additional cost is worth the added protection.
Your insurance agent can look at your entire financial picture and your state's laws concerning liability lawsuits to see that you are protected. If your auto or homeowner's insurance leaves your assets vulnerable a lawsuit, your agent may recommend another type of policy called an umbrella policy. An umbrella policy yields extra coverage so that you do not lose everything you have worked due to an accident.
3. Is the coverage adequate for owning or operating a home-based business?
If you run a business out of your home, you may need to purchase additional insurance, especially if customers regularly visit your home or if you house a large amount of expensive inventory on your property. Or, you might have to tell your insurance company that you run and operate a business out of your home. It may be necessary for your insurance company to approve the policy for a home-based business, or you may need to buy a different type of policy to guarantee you are covered.
Contact an agent, like State Farm Insurance: Kurt Riehl, for more help.
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