Purchasing insurance for the first time, whether it’s a home, auto, business or life policy, can feel rather… daunting. What types of coverage do you need? What’s a competitive price? What are all these terms you’ve never heard before?
While there may be many unknowns when you’re a first-time insurance buyer, you can learn how to shop insurance like a pro.
Before you buy, stop and:
- Shop around. A helpful tip to remember is that the least expensive option is not always the best option. Once you’ve determined the type of insurance you need, shop around. Compare coverages (what’s included, what’s not included, what are the limits, what payment options are available, what do customers say) to see which company and policy best meets your needs.
- Look for ways to bundle your insurance policies. You may be able to save money by bundling some insurance policies together (home, auto, life, umbrella, business, etc.). For example, Frankenmuth Insurance policyholders interested in purchasing a whole life or term life insurance policy can save up to 10% on auto insurance and up to 5% on home insurance when bundled together. Review the offers or ask an agent before buying and you could save big.
- Review your credit score. Your credit score might factor into your insurance score. An insurance score can be calculated with information from your credit report and other at-fault accidents or claims, or lapses in insurance coverage. The better your scores, the better the likelihood for a lower insurance premium (the amount you pay for coverage). Looking to bump up your credit score a few points? Consolidating debt, removing any errors from your credit report, cutting spending and paying your bills on time are good places to start.
- Start a conversation. Purchasing insurance for the first time doesn’t need to feel overwhelming. It’s a smart decision. If you have questions, there are local experts – insurance agents – available to help. You’ll be able to get your questions answered (in person, by phone or virtually) and feel confident you’re getting the best coverage for your needs.
You may be a first-time insurance buyer, but you want to be sure you have quality coverage with a policy that is right for you and lasts. Talk to an agent today about your home, auto, business or life insurance needs.