5 INSURANCE MISTAKES TO AVOID AND SAVE MONEY

Having basic insurance coverage especially during these trying times of the pandemic is a necessity. However, It takes a lot of planning and consulting because no person would want to regret their decision after shelling out a lot of money. 

We as human beings aren’t born perfect, we tend to make mistakes from time to time. But there are exemptions to that. Making a mistake on your insurance policy can be quite a handful especially because it involves your hard-earned money.  Given below are a few common mistakes that you would want to avoid when it comes to buying insurance in order to save money. 

1. Choose the right agent 

It’s best to choose the right agent for the coverage that you need. This is essential because you don’t have to carry all the burden, though it is mostly your responsibility, however, let the people in the industry help you. 

Make sure that your agent has good communication skills that will explain to you what your coverage is. Look for someone that will protect your interests and will guide you with all the process of acquiring the coverage. 

2. Don’t choose coverage based on its price alone

When you are presented with two options on either choosing a $20 coverage or a $50 coverage. Most of you would choose the latter, however, looking for the cheapest price might overlook some factors that can cause big headaches down the line.

Be mindful that insurance is there to minimize or protect you from risks. Basing your insurance on its price neglects some factors that make up an insurance policy and it’s no guarantee that you’ll be getting the best value when you shop for this insurance. 

3. Consider your debts and bills 

Before jumping into such bigger life investments like insurance coverage, you must first ensure that you are not currently in debt or paying hefty sums of bills. Make sure to work with what you currently have on your plate and don’t add more responsibilities that you won’t be able to handle later on.  

Evaluate your financial capabilities and weigh your options. You need to make sure that you will be able to handle the financial capabilities of investing in any insurance. 

Choose a coverage that you can afford and do not be too confident with what you are currently earning. Prices in the market constantly change and one wrong step could result in a financial disaster for you. 

4. Not quoting around

Some of you might be comfortable with one company, but looking for other options is the best way to get the most out of every deal. 

When you shop for insurance they will provide you a quote leaving you with no obligation to purchase, so you have nothing to lose. This is the best way to see if there is something out there that is better for you and has a wide array of options.

5. Not know knowing what coverages you have

Some people don’t know their coverage because they don’t know what they are insured for. There are clients that just take an insurance policy thrown to them without asking questions. 

Make sure you understand what you have in your policy, and ask about what you have, what it protects, and more importantly what it doesn’t protect. Because if you don’t know any of this you will risk losing your money or worse lose your property.

Use this information to your advantage and talk with an insurance agent at Manila Bankers Life.  We will discuss with you what coverage you need to fully protect your home, car, or other assets.