If you’re purchasing or renewing your car insurance, make sure you check this out. We thought we’d share what our insurance broker recently explained and taught us.
Unfortunately, we seem to learn the most life lessons through difficult situations. That’s why we’ve outlined a bunch we learned when renewing our car insurance recently.
Life Lesson #1
Always ask your insurance broker what your car insurance policy DOES NOT cover:
This is also known as "exclusions" and every policy has. When you’re purchasing or renewing insurance, make sure you’re aware of all of this, including accident benefit information that recently changed.
Life Lesson # 2
Cost isn't everything:
If you are shopping for insurance you need to ensure you’re comparing “apples with apples.” Not all car insurance policies are the same. It’s common to notice minor cost variations among companies, however, if one company is substantially less, be careful – the coverage may not be the same. Speak to your broker, they will be able to explain everything.
Life Lesson # 3
Don’t ever default on your monthly payment:
Unfortunately, defaulting on your payment can have negative repercussions. It’s possible that you’d be labeled a "risk" and could be subject to higher rates moving forward.
Life Lesson # 4
Don’t cancel your policy before it comes up for renewal, as there is often a penalty associated with this:
The cancellation penalty will depend on how many months are left on your policy when you cancel it. Basically, the more time remaining, the higher the penalty, and that’s no fun.
Life Lesson # 5
Before you submit a claim speak with your insurance broker:
Contact your insurance broker before submitting a claim. They are a great source of knowledge and could potentially save you money.