Three Questions You Should Be Asking Before Buying Auto Insurance

When the time comes to purchase auto insurance, the choices can be overwhelming. Knowing who to ask about what to buy is as important as knowing what to buy. And a recent poll by Leger for President’s Choice insurance found that many of us aren’t taking advantage of the informed sources available to us. Of the 1,500 people surveyed online, the survey found that most people turn to their parents or friends for advice. That, says Kathy Buckworth, parent, author and Chief Family Advisor for PC Financial services may be a mistake. “While family and friends have our best interests at heart, insurance brokers can offer the professional expertise and knowledge to help you make the best insurance decision based on your individual needs.” What should you ask an insurance broker? Start with these questions to make sure your insurance needs are going to be met.

1. Am I paying more than I need to?

When asked whether they would rather pay more for insurance or risk not having enough coverage, 62% said they were more concerned about cost. That fear trumped any of the other fears listed in the survey. Add to that the fact that 39% are nervous about their rates going up after a claim and you are left with a lot of people worrying about the cost of their insurance. Knowing what you need in an insurance policy by having an open and frank discussion with your broker can help to make sure that you have enough information to compare rates and competing offers, and help to alleviate some of those concerns.

2. Am I asking the right person?

Mom and Dad are great for anecdotal advice, but your specific needs are going to be best addressed by a professional. Despite this, the survey found that

most of those surveyed (59% of young people age 18-34) are still asking Mom and Dad for their insight rather than someone with insurance expertise. That is great if your parents have good information but many of them are not nearly as well informed about options as a broker would be. Consider family input but make sure you also seek out information from someone who does this for a living.

3. Have I checked with enough different insurers?

That recommendation from Mom and Dad should not mean that you do not compare your options. The survey found that 41% of respondents indicated that they generally look at two or three quotes. More than one third said they do their own research into home and auto insurance, although approximately three in ten will turn to an insurance broker or a family member for advice. That’s not enough. Offers can vary widely between brokers. At Your Insurance Store, brokers compare up to 9 providers. Take advantage of the expertise that Your Insurance Store offers by seeking out the help and information you need and deserve.