You Don’t Always Want the Lowest Price Coverage

April 30, 2020


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The cheapest policy isn’t always a bargain. When it comes to auto and homeowners insurance, your “bargain” could end up breaking the bank if you ever need to use your coverage only to find out it’s inadequate. We Insure can help you find the right coverage for your needs at the right price. Here are some reasons price may not always be the most important consideration when shopping for your insurance. 

More Assets to Protect. States have minimum coverage requirements, but this minimum should only be your starting point. There are a number of circumstances that may make more coverage a smarter choice. For example, you might have a valuable art collection, expensive electronics, antique jewelry or other possessions that a standard policy won’t cover. You may need to purchase an additional rider to protect valuable or excluded items.

Greater Liability Risks. If you have a profession or lifestyle that carries greater liability risks, then you need coverage that reflects that. If you’re a public figure seen as someone with “deep pockets,” you may want to consider not only higher liability coverage, but also an umbrella policy that can extend basic coverage if you’re ever the target of a lawsuit.

Policy “Extras.” Things like accident forgiveness, roadside assistance, vanishing deductibles, sewer backup coverage and other benefits might not come standard with a bare bones policy. However, these features may give you extra protection and peace of mind well worth the added expense in the long run.  

Full Replacement Value Coverage. Your homeowners insurance policy can either reimburse you for the full replacement value of your possessions or their depreciated value. For example, if someone steals your 5-year-old big-screen TV, a policy with full replacement value would pay you the amount it would cost to replace that TV with a brand-new one. A policy that only covers depreciated value, however, would only reimburse you for the current value of a used, 5-year-old TV.

Superior Financial Strength. In the event that customers have to file many claims at once, such as after a tornado, would your insurance carrier have enough funds to pay them all out? You’re trusting your insurer to be there for you when you need them, so make sure they’re in good financial standing. Check your carrier’s ratings with A.M. Best. We Insure can offer you many choices from the nation’s top–rated carriers

Better Service. A We Insure agent can help you navigate your coverage, answer policy questions and assist you should you ever need to file a claim. Bargain coverage can sometimes come at the expense of better customer service. Poor service on your insurance can be especially problematic since you’re most likely to use it during a crisis. If you want a superior level of service when it comes to your insurance, then you may have to be willing to pay a little more to get it. 

Don’t Skimp on Your Most Important Protection

Good insurance is the foundation of every sound financial plan because even one uninsured or underinsured loss can undo decades of saving and responsible money management. We Insure can help you find coverage from a top-rated carrier at an affordable price. Our agents are knowledgeable and have access to competitive prices from top-rated carriers. Contact your local agent today and discover the power of WE. 


Sources:
https://cars.usnews.com/cars-trucks/car-insurance/common-car-insurance-mistakes 
http://www.ambest.com/home/default.aspx  (ratings)
https://money.usnews.com/money/personal-finance/family-finance/articles/2016-12-13/buying-insurance-...