In a tight economy, people are looking for ways to trim their budgets. Many insurance companies advertise that they can lower your rates. However, sometimes you’re getting a lower rate because you are getting different coverage. When shopping for insurance you should do the following:
- Review your Declarations page:
The Declarations page lists what types of coverage you have and how much you pay for each type. This page is usually at the front of your policy. When comparing insurance rates, you should check this page to make sure the quote you’re getting is for the same coverage.
- Contact an Independent Insurance Broker
An independent insurance broker can do the shopping for you, compare rates, and explain what coverage you’re getting for your money.
- Ask Questions
If you don’t understand your coverage ask your insurance company to explain it to you. You can also go to the New York State Department of Insurance to see how many complaints have been filed in New York against insurance companies and for an explanation of the coverage you’re getting.
It may take some extra time to review these items when you’re shopping around, but if you ever end up with an insurance claim, you’ll be glad you spent the time to find the right coverage.