Insurance is an intangible expense to most people regardless of what it’s purchased for. People appreciate it most when they need it.As much as possible, car owners want to get insurance with the lowest rates but with the most extensive coverage. However, one can only achieve this if they know what to look for and what to avoid.
If you plan to get auto insurance soon, you may want to avoid committing the following mistakes to ensure you get the best value for your money.
5 Mistakes to Avoid When Looking for Car Insurance
1. Not Looking for Options
The most common mistake that car owners commit is not looking for options. They usually get car insurance because they are required to do so. There are many insurance companies that offer various options, rates and coverage. Depending on what they are offering, some companies have a higher rate than others but provide additional perks that may be useful for the car owner.
Ask your auto insurance broker about the options available. You might find a great package that you can offer various options for payment (1 pay, 3 pay or monthly). For those that find a great option but the payment plan is not offered, Schwartz Reliance Insurance can assist with their monthly payment plan.
2. Not Examining Each Component Thoroughly
Car owners can compare each component of an auto insurance company. If you are serious about getting a good deal, compare each element of the policy while checking their premium rates.
Take time and decide which components you will rely on to get the best value for your money. Don’t get surprised when you see that one insurance company has the lowest rate for one component of the policy but the highest for another.
3. Not Being Honest
All car insurance companies require you to provide accurate information about yourself and driving history to ensure a correct quote. If you do not answer accurately, when they pull your drivers abstract, you could be in for an unwanted surprise when your policy comes in!
4. Not Knowing What Your Needs Are
Do you know what you exactly need? Do you know about the Accident Waiver available? Or about Non-Owned coverage which extends your Physical Damage coverage for short term rentals to the limit on your policy? **It’s important to know this limit if you rent a vehicle, for example, $50,000 may not be enough if you rent a full size SUV worth $90,000 while on vacation. Car insurance as the rental shop can be costly, especially if you already have it on your auto policy.
5. Not Getting an Auto Insurance Broker
If you are serious about getting a good deal, you might as well get an auto insurance broker. They have connections to almost all insurance companies, and they can tell which one will give you the best deal.
In case you are not yet sure what you need, get a broker first. They will help you know what type of car insurance you need.
Car insurance may not be ideal in the eyes of car owners, but it sure is a must. To get value for your money, make sure you don’t commit the mistakes that can make you waste your money. Car owners should know what to look for, what to avoid, and what their needs are when buying car insurance. All of these can help you get the best deal for your money.
If you are looking for auto insurance brokers in Lethbridge, you are on the right page. Schwartz Reliance Insurance is a top-rated insurance brokerage in Alberta. Our professional staff offers reliable auto, commercial, home, farm, surety, and other general insurance and registration services. Contact us so that we can help you.