FRIDAY, JUNE 11, 2021
Cheap and inexpensive are words that catch your attention when it comes to buying. Everyone wants to save money.
However, when it comes to auto insurance, the lowest cost plan may not be the best option.
1. Many Low-Cost Insurance Companies May Not Offer the Coverage You Need
The worst time to discover you don’t have the right coverage is when you need it most, following an accident. Unfortunately, that’s exactly when many people realize that the low rate they pay for their insurance doesn’t include features like towing or medical payments.
2. The Cheapest Insurance Doesn’t Offer Convenience
These days, insurance companies are adopting technology like other companies. They utilize telemetry systems that help their customers get lower premiums at renewals.
They also give customers the ability to pay for their insurance without going into an office. These apps and web pages can save their customers time. You may not have access to these features at insurance companies that compete on price alone.
3. Inexpensive Insurance Companies May Not Have the Financial Means to Pay Claims
Just like you, insurance companies have credit ratings. In some instances, insurance companies can't meet their financial obligations or pay insurance claims. Unfortunately, these untrustworthy companies continue to attract customers who don't do their research.
Standard and Poor’s and Moody’s monitor and track insurance companies’ ability to pay claims. You should research insurance companies before you purchase a policy. This can ensure you avoid perfidious providers.
4. Cheap Insurance May Mean Your Deductible Is Not Affordable
Many people raise their insurance deductible to reduce their monthly cost for car insurance. A high deductible is great when it’s your choice. But, some providers may increase your deductible without you knowing.
If you don’t know you have a high deductible, then it’s likely you won’t have the money saved so that you can use it if you need to make a claim. To avoid this, compare insurance coverage apples to apples, and then compare the rate quoted.
When it comes to auto insurance, everyone wants to buy a policy that fits within their budget. You can get inexpensive car insurance, but you should never sacrifice coverage for lower costs. If you do, you may have regrets when you need your insurance to cover the cost of damage to your vehicle.
Sovereign Financial Group can work with you to find a policy that gives you comprehensive auto coverage at the best price. Research our auto insurance page to learn more about your coverage options. If you have any questions, call one of our licensed agents at (708) 713-4456 today.
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