Most motorists know the importance of a good vehicle insurance protection. Nonetheless they fail to arrange sufficient coverage for one way or another. If only they knew how easy and cost effective it is to arrange good coverage they would probably get over this problem. Sometimes, it may be your mind set that prevents you to get the best deal. Here are a few of the reasons or justifications for purchasing inadequate policies or not buying coverage at all.
Nothing Happens!
Everyone must buy at least liabilities coverage to be able to drive legally. However, buying coverage only to meet these requirements is under appreciating the protection offered. Thinking that you only buy policies just in case you may be stopped by police would mean that you would only buy the minimum legally required coverage. Why not pay a little more and insure your automobile properly?
You may think that you are a good driver and nothing happens anyway. It may be news to you but most people don’t expect to have accidents when they are buying insurance of any kind. You buy it because you want to be protected if something happens. Unfortunately, one big accident would be devastating enough to bankrupt most people. Is it worth taking this chance?
I Don’t Have Money!
Some people really don’t have money. However, there are many people who have money for most things but insurance. You have to remember that you are protecting your financial position by arranging essential insurance policies. Life insurance protects your family if you die unexpectedly. Home insurance protects your home and its contents. And car insurance protects your car. Also, last two comes with liabilities protection just in case you caused injuries and financial losses to third parties.
Not buying these policies would mean that you are open to sudden substantial losses you cannot handle on your own. If you don’t have money now where are you going to find it when you need substantially more to repair your vehicle or pay for other damages you caused?
Prices Are Similar Anyway!
Many people are in the belief that automobile insurance market is controlled by the states and the prices are close to each other regardless of which company you buy your policy from. This cannot be any further than the truth as there can be as much as thousand dollars premium difference between similar types of companies. Furthermore, the policy packages offered can be substantially different as well. In other words, you can find great coverage at reasonable prices.
In order to achieve this objective you need to be prepared to take time and shop around. You can use a broker, go direct or use comparison websites to get quotes. For example, many people find cheap online auto insurance by just going to their favorite browser and typing these words. The internet is convenient, cheaper and always open.
It Is Already Expensive!
It is easy to make this mistake. You get a quote for a basic coverage and you see that it is quite expensive. Then, you get scared to request a new quote for decent level of coverage. Next time you shouldn’t be scared to ask quotations for various levels of protection because you may not need to pay a lot more premium to get a great policy.
Most companies like to sell these covers in packages. They design products that will meet the needs of most drivers and find a way to offer these products at reasonable prices. It is like going to your nearest pizza shop and looking at the menu. You will see that basic margherita pizza is only one or two dollars cheaper. If you pay little more you can have all the toppings you want. The same approach is adopted by many firms.
My Broker Arranged the Coverage!
This is pure excuse to find someone else to blame. Your broker isn’t going to be held responsible if your policy coverage doesn’t meet expectations after a claim. He/she is your agent and will only work on your instructions. You are the owner of the policy and therefore ultimately responsible for the consequences of an insufficient vehicle insurance coverage. It is your job to make sure that it meets your requirements.
You should take your time to find out about policy options available, prices and insurers. You can ask many questions to your agent and learn how it works. They will inform and educate you about the benefits and shortcomings of each choice. However, you cannot expect them to make a decision on your behalf and be held accountable.