Insurance is something everyone practically needs - it's an absolute necessity. However, the truth is, very few truly understand how the coverage works and more so, even fewer are knowledgeable when it comes to purchasing insurance. It has to be done one way or the other though, so whether you're looking for car, life, or health insurance; here are a few tips straight from the pros that will surely help you out with your woes in navigating the insurance universe.
1. Do unto others what you want others to do unto you.
It's a rule as old as time but something people always overlook and sometimes disregard completely. Be fair and honest in your dealings. If you must file a claim, don't overdeclare your losses in hopes of gaining an upper hand. If insurance companies find out you have been dishonest, they might deal with you unfairly. Or worse, file claimant fraud against you. You don't want to get into that kind of trouble. So there, report your losses with all the necessary details and do so justly and fairly, and you should be just fine.
2. Pettiness gets you in trouble.
Don't fall into the misguided practice of filing little claims every so often just because you can get away with it. Yes, you'll still get the reimbursement you're aiming for but chances are, it will fall into a pattern and your premiums will end up increasing, sometimes to the point of the premiums being higher than the actual damage. Most insurance companies give out discounts for clients who have not filed a claim in certain periods of time. So remember, only file a claim when absolutely necessary. This will make your insurance dealings smooth and easy on the pockets.
3. Multiple policies get you first dibs on discounts.
It's a normal practice for insurance companies to give out hefty discounts to clients who hold multiple policies under them. So get in touch with your insurance agent, ask for multiple quotes and do the necessary math. You will see that your premiums will be considerably low and opposed to purchasing them from different insurance providers. So pick one you like and ask for multiple quotes.
4.Protect your business at all times.
Running a business, small or big, is no walk in the park. You add in other contingency variables and it becomes an actual mine field of risks and money drains. So if you are running a business and employing people in the process, do not scrimp out on the worker's compensation. Making sure they are properly covered in their line of work especially for accidents, deaths, and any other untoward incidents will save you from a whole slew of legalities and headaches when the time comes. If you are a business at constant risk of customer complaints or lawsuits, an E&O (Errors and Omissions) policy is your next best friend.
5. Get a policy even if you're just renting.
There's a wonderful thing called a renter's insurance policy that covers your personal properties, including depreciation value in the event of fires and other calamities, covers you for body injuries, and even property damage claims. There are even options like getting cash value for repurchased items covered, personal liability clauses, among other things. There are tons of options so make sure you go through with your insurance agent on the things you might want to include.
So you see, getting around insurance policies isn't all that hard. And always remember that research is key so take the time out of your day to really find out what works best for you. It will all be worth it in the long run.