3 Crucial Tips for Getting an Insurance Quote You Can Afford
Are you shopping for an insurance cover with affordable premiums but adequate liability cover? Sometimes, you have to sacrifice liability cover for affordability, but it is possible to strike a balance. These days, it is easy to get an insurance quote for whatever cover you need because there is more information available on different insurance packages. High competition has forced insurance companies, brokers, and agents to attract clients with fitting and affordable packages.
1. Consider Liability Cover Limits
Your insurance coverage goes up to a specific amount, beyond which you would have to compensate aggrieved parties from your pocket. Different states have minimum liability coverage requirements, which means you must pay the premium of at least the set amount.
You can opt to go for the minimum liability coverage and get the most affordable insurance quote. But you must consider the risks of doing so. Your other assets will be at risk if a compensation settlement goes beyond the liability coverage limit. The injured party would be free to attach your other assets, including your home. It is advisable to get an insurance quote that reflects the value of your assets to avoid this risk.
2. Consider the Deductible Amount
Some insurance companies also call it 'excess.' It is the amount you pay when you lodge an insurance claim. Insurance companies charge this amount to avoid frivolous claims. It is mostly used in auto insurance. A higher deductible amount translates to lower premiums because the insurance company evaluates you as less likely to make a claim.
You can also get an insurance quote without a deductible requirement. If you must use a preferred insurance company with a deductible, consider whether you can afford the deductible amount if the need to make a claim arises.
3. Claim Insurance Discounts
You can get an insurance quote with favorable terms if you are entitled to different discounts applicable to different client segments. For example, most insurance providers offer discounts to:
- Federal employees
- Active military personnel and veterans
- Full-time students
If you are shopping for auto insurance, ask about discounts if you have:
- An advanced driving certificate with defensive driving skills
- No accidents for your entire driving life or accident-free for more than 10 years
- Car safety and security measures like GPS tracking and car anti-theft gadgets
- Insured another or several cars with the same insurance provider
You can easily negotiate for a discount even as a new client because any business is willing to attract clients, especially in a competitive industry like insurance.
Are you worried about different risks in business or at home? Get an insurance quote and discuss your insurance needs with an insurance broker.