It can be confusing to know what kind of insurance you need for the various aspects of your life. Whether it’s car, home, commercial, or recreational insurance, understanding the coverage you need and making sure you get the right policy at the best price is critical. Unfortunately, many people make mistakes when they purchase insurance that can leave them with inadequate protection—or paying too much for coverage they don’t need. Let’s take a look at some of the most common mistakes people make when getting insurance.
1. Not shopping around for insurance
One of the biggest mistakes people make when getting any type of insurance is not shopping around. Many consumers simply select whatever policy their bank offers or what their current provider suggests without exploring other options. While loyalty can be important, it shouldn’t be a priority over finding the best deal for your needs. It pays to shop around and compare different policies from several providers before deciding on one. The more time you spend researching, the more likely you are to find an affordable policy that meets your needs.
2. Buying a car before getting insurance quotes
Many new drivers out there get excited over the thought of purchasing a new car. The dealership people are great at making you feel like you can afford the car payments and show off all of the fancy bells and whistles of the new car. The individual buys the car, then realizes that they need car insurance. When they come to see us, many times the insurance payments are out of their current estimated budget, and now they feel stuck because they’ve already purchased the car or truck. It is recommended that all new drivers get some insurance quote before purchasing a new vehicle.
3. Not Understanding Your Coverage
Another mistake many people make is not fully understanding their coverage before signing up for an insurance policy. You may think you understand what a particular policy covers but then discover after submitting a claim that something wasn’t included in your plan—leaving you stuck with unexpected costs or uncovered damage/injury/illness. Make sure you read through all terms and conditions thoroughly before signing up so there aren’t any surprises down the line. If there are any areas where you have questions or require clarification, contact your insurer before signing up to ensure everything is clear in writing.
To avoid these and other common mistakes when getting insurance, reach out to McKillop Insurance & Registry Services in Lethbridge, AB. We provide Home, Farm, Automobile, Commercial & Recreational Insurance Services.
Serving across Lethbridge and the surrounding areas.
To learn more about the insurance services that we provide, view all insurance.