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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

Auto Insurance Policy Traps You Should Avoid

by Jason Prescott

Identifying the appropriate car insurance company when shopping for insurance is crucial. Finding a reliable insurer will ensure you get the best rates and discounts in the market. Apart from finding the right car insurance company, you should watch out for the following auto insurance policy traps.

Not Considering Different Drivers

It is a bad idea to add your teenager's name to every car insurance policy in your home. You can save a lot of money by adding their name to one of your old vehicles. The presence of teen drivers in your household can raise the cost of insurance for all your cars.

Insurance rates are based on statistics. Studies show that inexperienced drivers are more likely to be involved in accidents. Additionally, if one member of a couple has poor driving habits like crashes and DUIs on their record, you should refrain from merging your policy with them.

Automatic Annual Renewals

One mistake you should avoid when buying an insurance policy is annual renewals. Each year, your insurance company will send you documents with information about your coverage and excess amounts. You are responsible for reviewing the documents and making adjustments to address inflation and replacement costs.

Many people don't make suitable adjustments. Therefore, they don't meet the required criteria in case of a claim. Don't let your policy auto-renew without making adjustments that reflect the current conditions. If possible, consult an insurance lawyer or agent each year to help you make suitable adjustments to your policy.

Paying Third-Party Claims Out of Your Pocket

Many insurances bar insured parties from making voluntary payments or assuming any obligations after an accident or incident. The first thing you should do if a third-party sustains bodily injury or car damage is to file an insurance claim.

One of the reasons it is a bad idea to make voluntary payments is that the affected person may develop a serious injury like whiplash later. Therefore, if you accept responsibility for the accident, you will be liable for their medical expenses and any other related damages. If you pay a person who later files a claim or sues you, your insurer will deny you coverage for the claim.

In Closing

When buying an auto insurance policy, it is advisable to involve an insurance agent to ensure you make the right choices. Apart from the aforementioned insurance policy traps, you should choose a reasonable deductible. Lastly, choose a policy based on your specific needs, such as the cost of your car, your driving experience, and the driving conditions of your place of commute. 

For more info, contact a local company like Kesner Insurance Agency Inc.