When shopping around for car insurance, it's important that you look at a policy's premiums and coverages. These aren't the only things you should check, though. Before you purchase a policy, make sure to take note of these items that sometimes receive less attention than rates.
The Claims-Filing Time Frame
Insurance policies delineate how policyholders can file claims and how long after an incident long policyholders have to do so. Time frames vary from insurer to insurer, and they can also differ from state to state and even depending on the type of claim.
You'll want to find out what a policy's time limits for filing claims are so that your claim isn't jeopardized because you waited too long to notify your insurer.
The Discounts That Are Available
Car-insurance providers offer many different discounts. Some, such as multi-policy and safe-driver (sometimes called accident-free) discounts are common. Others are more obscure, and you might not think to ask about them. For example, Bankrate reports that a few insurers offer discounts for driving a green vehicle, belonging to certain groups, or owning a house or condo.
Request a list of all the discounts that the insurer you purchase a policy from offers. You can either ask your insurance agent for a list or ask the insurance company for it directly. Both sources should be able to easily provide one.
Once you have a list in hand, scan it to see whether there are any other discounts that you might qualify for. There may be one or more discounts that could help further reduce your premiums.
The Payment Options
Most insurance companies offer several payment options, such as paying in full, paying in two installments, or paying monthly. Some, however, charge administrative fees if you don't pay in full.
If you can't afford to pay your premiums in full at the start of the policy term, find out whether there are any charges for making installment or monthly payments. If you shop around for the most affordable policy, fees like these may be all that make one policy more expensive than another.
Alternatively, if you can afford to pay your policy in full, ask if there's a discount for doing so. Some insurers offer a discount—especially if you pay before the policy starts—and the discount can make a policy cheaper than another insurer's policy.
In some cases, whether you pay your policy's full premium up front may have no impact on the policy's cost. If this is true, then choose whichever is the more convenient option for you. Talk to a company such as D A Insurance Brokers for more information.
Share30 November 2016
When I got married, I knew that there were a few things that I needed to learn about the way the world worked. For starters, I had to figure out how insurance worked since I wanted to make the most of my life without worrying about money. I started focusing on the policies that I had in place and gradually moved towards acquiring new life insurance and the like. Having each of these coverages helped give both me and my spouse peace of mind. We both knew if something happened to me that the other would be okay. Check out this blog to learn more about insurance needs.