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Bundling Insurance: Working with an Agent

Keeping up with several monthly insurance payments can be a pain. A couple of years back, I found a way to simplify the process. By purchasing my home, life, and auto insurance with one provider, I went from three to one monthly obligation to track. It did take a little while to find the right provider. Even then, I had to compare different plans, and work with an agent to create the bundle. Now that it is in place, there is no doubt that managing the household budget is easier. If you are wondering about insurance bundling, let me share how I did it. Before long, you will also enjoy the peace of mind that comes with knowing you are covered and what it feels like to deal with only one monthly insurance payment.

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Bundling Insurance: Working with an Agent

3 Myths About Auto Insurance

by Dwayne Terry

There are many auto insurance myths floating around that seem harmless on the surface. Unfortunately for some consumers though, believing those myths could result in not having enough coverage or paying too much for what you have. To help ensure you are on the right path when it comes to purchasing auto insurance, here are some of the most common myths and the facts. 

Full Coverage Means a New Car If Your Car Is Totaled

One of the most commonly believed myths about auto insurance is that a driver with both comprehensive and collision coverage, or full coverage, is automatically entitled to a new car if it is totaled in an accident. 

Full coverage is designed to make you whole again. It is not designed to improve your condition. In other words, you can receive the estimated value of your car at the time of the collision and not enough to buy a new car. Full coverage also could leave you owing on your medical bills if you do not have enough coverage to cover the total. 

It is because of this, it is important to work with an insurance agent to find the coverage that works for you. For instance, the agent could help you find riders or bump up the amount of coverage you have to cover a higher amount of medical bills. 

A Red Car Has Higher Insurance Rates

Regardless of the color of your car, insurance companies do not take this feature into account. When determining how much your premium is, insurance companies assess factors, such as the make and model of the car, safety features, your age, and your driving record.

Depending on the insurance company, there might be other factors that can be used to either raise or lower a premium. For instance, some auto insurance companies give discounted rates to customers who belong to certain organizations. 

The Insurance Company Can Cancel at Any Time

Car insurance companies usually do not arbitrarily cancel insurance policies. In most instances, a the company has a good reason for canceling the policy. Reasons to cancel can include non-payment or suspicion of fraud. 

Regardless of the reason for a cancellation, the insurance provider will detail the reason in the cancellation notice. 

Consult with an insurance agent to discuss other myths you have heard about coverage and to receive help with assessing what coverage is best for you and your vehicle. 

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