I know these days we are cutting corners to save money everywhere we go from the grocery, to the car repair shop, we even cut back on use of our utilities at home. I know that I myself need to shave off costs somewhere so I run to three different stores, or buy bulk on some items,and use discounts & coupons often. When is going cheap okay with your insurance protection?
Obviously, me being an insurance agent my first response is really never but I know that is not realistic for most families. I always suggest you NEVER skimp on coverage, but shop carriers to make sure you are getting the best deal for the most comprehensive insurance protection you can have.
Start out with a bullet list of what is important to your family with both your home and auto protection. For instance, if one of your vehicles was in the shop as a result of an auto accident or hail damage would you need a rental car? Do you have your pets in the vehicle often and are they covered? If your car breaks down while you are away from home would you need assistance on the towing bill, or the roadside repair to get you back up and running? What is the most you can afford out of pocket for a deductible if you do suffer an accident? Any damages you suffer as a result of a covered loss that you report to your own carrier (regardless of fault) your deductible will always apply. That is a top consideration on what you can afford out of your pocket should you suffer a loss. You can go with a higher deductible and add diminishing deductibles to the policy with most carriers now, so be sure to ask if your carrier offers that program. Roadside is a very low cost way of adding valued protection to your auto policy from pennies per month to as low as $1 per month. New car coverage, or GAP for your loan if you are upside down. There are tons of extremely low cost options out there.
On your home you should consider the deductible you can afford if you suffer a loss as well. Some additional coverage's that you should not EVER skimp on include sewer, drain, sump failure protection. Any water that backs up through a sewer or drain or overflows from a sump pump is never covered on a standard home policy. There is an additional charge for this coverage, but it is one that you need especially if you have a basement. What about jewelry or guns you may have in the house are they properly protected. Did you know they are limited by theft on the home policy? Think of the things in your home that you could be exposed to if someone came into your home and took them. The more precious it is to you, the more you need to discuss those items with your agent.
When adding coverage make sure you ask the details of that plan don't just assume it has it all. For instance, towing and roadside normally have a per use limit of $50 or $75 per disablement and no more so if the tow bill is $150 you are paying the rest. Also know that this coverage is truly for when you are "away" and have a break down. Not my car broke down or wouldn't start in my driveway. Sometimes diminishing deductibles are only on the collision deductible and not the comprehensive and there is a cap on how much they will diminish in some cases. Make sure you know the additional coverage you do purchase.
Sometimes making insurance fit not only your financial needs, but making sure you have what you need as an individual or family is best discussed with your insurance agent. People choosing not to have an insurance agent can run into severe coverage gaps which is never a good thing. These professionals know what coverage is their to fit the needs of their clients and can find the right price fit at the same time.
Don't give up vital protection for pennies or a couple of dollars a month. Work with your agent to build the protection plan you need at the cost you need it to be. And as always if there are questions we are here to help!
Make your insurance protection plan the best money can buy!
Heather Swank
Brookson Insurance
317-534-5202
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