4 Handy Things to Have When Insurance Shopping

Even if you consider yourself a shopaholic, chances are that your trip to the mall doesn’t revolve around finding the perfect insurance policy. Insurance is a necessity in our society and you’ll find legal reasons to have it for your car and home. On top of that, you’re likely being strongly encouraged to also insure your life, especially if you’re the breadwinner in your family. However, just like there are all kinds of insurance, there are many players in this industry, from banks, private insurance companies, brokers, and more.

Navigating this complicated web of legal documents and insurance policies is not for the weak of heart. That’s why we have put together a “toolbox” which should not just help get you out in one piece, but ultimately satisfied with the results.

List of Insurable Assets

The most popular kinds of insurance are auto and house, however, you might have more assets to insure like your business or a vacation property.  Even if you don’t own your own home, look into tenants’ insurance to protect all your belongings inside the space you are renting. Many insurance companies can offer you a better “bundle” rate than when you spread your insurable assets throughout several companies and policies. When asking for a quote, ask for their rates for the separate assets and then having them bundled together. Don’t be afraid to put in counter offers- remember, it’s a big market and you’re bringing them your business.

Details of Assets

If you want an accurate quote quickly, you’re going to need to have all the details on hand. From information about your property, including value, size, property size, age, condition of the roof, closest fire station, what kind of boiler you have, etc., to information on your car’s model, make, age, accident history, and more. The better prepared you are to give this kind of information, the quicker you will be able to get a quote and eventually choose a service. If possible, call ahead and ask for the list of questions that you will be required to answer so that you can gather the information beforehand and be ready for the questionnaire, whether it’s done in person, over the phone, or over the internet.

An Insurance Broker

Rather than calling every insurance company and filling each of them in with your details, when you go to a broker, he or she can compare many policies at once from a range of companies. You’ll have insurance brokers who work for you, not the insurance company, to provide expert, unbiased advice. A well-connected broker might even be able to get you better rates for the same policy in the same company than if you just called them directly. So, you don’t just drastically cut down your research time, you also usually get a much better rate then if you approached insurance companies yourself.

List of Discount Reasons

So apart from bundling your insurance policies for a better rate, look for more reasons for which you could score a discount. Make a list of possible attributes from being an alumnus of a university, member of the Chamber of Commerce, being employed by a certain company, to being a professional in a well-regarded industry. Never be afraid to ask, “is that the best you can do?” or ask if there are discounts for any of the previously mentioned reasons.

Insurance shopping doesn’t have to be that complicated. If you are prepared for the “hunt”, your insurance broker will be able to quickly put together a number of quotes from different companies. Use your toolbox wisely, and you’ll construct a policy and rate that you can live with.

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