September 22, 2023

Common insurance mistakes & how to avoid them

The article highlights the top 10 mistakes people make when it comes to insurance products and provides guidance on how to avoid them to potentially save money:

  1. Only Getting One Insurance Quote: It's important to compare quotes from different insurers to find the best coverage at a competitive price.
  2. Not Asking Enough Questions When Getting Quotes: Understand your insurance coverage fully and ask questions to clarify any doubts.
  3. Errors on Insurance Applications: Be honest and accurate when applying for insurance to avoid coverage denials or claim rejections.
  4. Selecting a Deductible That's Too High or Too Low: Choose a deductible that you can reasonably afford in case of a claim.
  5. Not Knowing How Much Insurance Coverage You Need: Understand insurance terms and assess your specific needs based on factors like debt, income, mortgage, and education.
  6. Buying Policies with Too Little Coverage: Ensure you have sufficient coverage to avoid potential problems during claims, such as exclusions.
  7. Buying Policies with Too Much Coverage: Don't overpay for coverage you don't need; evaluate your actual insurance needs.
  8. Not Updating Coverage When Circumstances Change: Regularly review and update your insurance coverage based on life events and changes.
  9. Ask About Discounts or Ways to Save: Explore potential savings opportunities like bundling policies, using smart home technology, or completing safe driver courses.
  10. Reexamine Your Needs Every Few Years: Don't stick with the same insurer out of convenience; periodically assess your coverage to potentially save money.

Take a look at this website and avoid these common insurance mistakes by making informed decisions. You can optimize your coverage and potentially save money on insurance premiums.