|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Renting a car has really proved to be a convenient method of transporting oneself to and fro on a vacation or business trip. But it is known to rare people that car rental may also include a wide variety of risks which may be even worst of the worst. Whether you hire a driver or drive on your own, there is always a risk of meeting an accident.
What to do Before Renting a Car?
If you rent a car and it gets damaged during the rental period, then there is a good chance that you may end up by paying high penalty both for repair and replacement purposes. Both personal and business car insurance rarely covers damage done due to rental cars. Thus, before renting a car it is better to ensure whether or not personal or business vehicle insurance will be the best fit.
In case of apology, it is good to check out the insurance plans of companies dealing with car rentals in order to make sure that they will serve you the best and prevent you from paying hefty amount as a penalty on damage cars. Though most of the rental companies have started offering insurance packages for their owed cars, it will be a wise idea to first check whether your own vehicle insurance will cover rental cars or not.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Personal Insurance Plans – Cover Damage
Personal insurance plans, including rental cars are more likely to fully cover damage done to that car in comparison to any rental company insurance plan. There are some rental companies that take into usage limited plans that may leave you completely responsible for damaged and stolen cars.
Car rental insurance plans generally cover a favorable cost over a day that may add up quickly, even if you go on a short trip. In case you decide to extend your trip for any reason, you need not begin a new insurance plan with the rental company dealing with cheap car hire Cape Town of choice in case the personal insurance works better for rentals.
Filling Out New Insurance Waivers
Most of the car rental companies require filling out new insurance waivers in case there is a change implemented on the length of the car rental period. Even if your personal or business car insurance plan due to any reason, fails to cover rental cars, then there is a pretty chance that your credit card may ensure rentals charged to that card.
You may check the same with your credit card company to verify if all car rentals are insured at the time of purchase. If they are, you need to be sure to find out the types of cars that qualify for insurance. A few credit cards provide coverage for countable small vehicles as opposed to luxury cars. Also, you must verify whether the credit card company provides primary and secondary insurance.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|