Did you know that American households spent an average of $9737 on transportation in 2017 making it the second-largest expenditure category after housing? This would include expenses such as your auto insurance premiums, gas, and the monthly payments on your car.
Are you looking to reduce your transportation costs by finding another insurance broker? Read on to see what are the 5 questions you should ask insurance companies to get the best rate for you.
1. What Is My Insurance Deductible?
As you might know, most insurance companies do not pay 100% of your accident costs or other expenses. There is usually a deductible. This is the amount that you would have to cover out-of-pocket in case of an accident or injury. It can be as low as $0 or as high as $1000 (or more).
Make sure you speak to your insurance broker to find out what your deductible is, so you can plan for that unexpected expense in advance.
2. What Happens If I Get Into a Car Accident?
Different insurance companies have myriad ways in which they deal with a car accident or a claim. That’s why you need to be certain of what your insurance team needs from you when you get into an accident. Is it okay for you to wait until you get out of the hospital to contact them or do they need to be contacted right away?
Do they want you to get just the contact information of the other driver or would they also need their insurance details? These are things you need to know before you get into a sticky situation and are in a panic about what to do.
3. Should I Be Getting Business Insurance?
If you are a small business owner, you might be wondering if you would be better off getting business insurance as well. Maybe you are worried about liability or your employees getting into an accident or hurting themselves. Whatever it might be, you should ask insurance companies if you can get both auto and business insurance from them, thus, reducing your premiums.
4. Am I Eligible for Any Senior or Other Discounts?
Many discounts are available for customers to take advantage of, but they just aren’t aware of them. For example, there are discounts you can get for working in certain companies (especially the bigger corporations), or for public servants. There are also discounts depending on your age group or your driving history.
5. How Quickly Does the Insurance Team Get Back to Customers?
There is a time and place for decorum, but this is not it. Make sure you ask your insurance team about their callback times. You want to ensure that you aren’t waiting forever for your insurance team to get back to you when you are in a pickle with some other driver.
A Good Insurance Broker Should Be Happy to Answer the Questions Above
If your insurance broker isn’t happy to answer the questions listed above or seems uncomfortable answering them, then you might want to consider finding a different insurance team.
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