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It’s commonly said that you truly get what you pay for, the same is true with insurance. Some companies advertise super low-cost insurance options and with the downturn economy and unemployment rates these low-cost insurance policies have grown in number and popularity in the last few years. Many of the online insurance services flash big ads offering build-your-own-policy features with ultra-low costs that have convinced millions of customers they're getting a good deal.

However, if it seems too good to be true, it probably is. Most customers find out quickly that their good deal might not have been as great as they thought.

Renewals: You might get a great deal when you sign up initially, but read the fine print. One customer signed up for a low rate only to find that upon renewal, their premiums increased over 10%. The company claimed that the discounted offer was only available the first time you sign up and every renewal afterwards is increased.
 
Customer service: You can’t have your cake and eat it too. You might get a low rate, but when it comes time to file a claim, good luck getting someone on the phone. You can't expect to get superior coverage and full customer service at a discounted rate. Many customers who fall victim to appealing low rates find out that their claims are denied, there are loopholes where they are not covered and it is impossible to talk to anyone over the phone.

Check the deductible: It is important to remember that your deductible and premiums are inversely related. If a company is advertising super low premiums, minimal monthly payments or no money down then chances are your deductible is through the roof. On the other hand, if a company is offering no-deductible or pennies for full coverage, double-check your monthly payments.

Maximum limits: Some super cheap insurance policies have claim limits that won’t even cover the cost of your car. If you get into an accident that surpasses the limitation, the damage still must be paid. Most likely, that payment will come from your pocket. Consider how much damage your car could cause. Even a short stay in the hospital could wipe out your entire limitation coverage. Experts suggest having at least $500,000 of liability coverage.

Independent insurance agents can help you find a policy that works with your budget and provides the coverage you need. These agents work with many insurance providers and can shop around for the best coverage at the best prices to find a real deal for their customers. Independent agents are not loyal to any one insurance company, so they can look out for their customers and let them know when a better policy or a better price is available. This way, you can ensure you’re getting exactly what you pay for.


By Matt Reynolds - Google+
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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
Fax: 502-933-5057
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