Don’t Make These Common Auto Insurance Mistakes

October 5, 2017

Auto insurance is vital to protect your property, your finances, your passengers, and yourself. The State of Ohio requires you to carry auto liability insurance to cover the costs of any damage you are liable to another person’s property and/or bodily injury.

5 Auto Insurance Mistakes to Avoid

If it’s time to update your current auto insurance policy, you not only want to ensure you’re making the right choice for your budget, but also for your peace of mind. We understand that choosing auto insurance can be a complicated process, so we’re here to help you avoid some of the most common mistakes individuals make when looking for a new policy.

Auto Insurance Mistake #1: Purchasing online.

We’re all in a hurry these days. However, when it comes to choosing the right auto insurance policy, this is something you don’t necessarily want to rush right into. Purchasing your insurance online, often without the benefit of a licensed agent to advise you, can lead to financial ruin in the event of a claim.  Online insurance providers are normally just order takers – they do not analyze your particular situation and advice limits accordingly.  Online provides normally offer you the bare minimum limits with the lowest price and do not take into consideration that these limits could put you and your family in a horrible financial situation in the event of a claim.

Auto Insurance Mistake #2: Not reading the fine print.

Again, insurance is complicated. When you’re reading through your documents, make sure you understand everything about your policy and what your coverage is. The last thing you want is to be surprised what you are and aren’t covered for after an accident. When in doubt, ask your agent questions.

Auto Insurance Mistake #3: Only purchasing the bare minimum.

We all want to stick to our budgets, and it can be tempting to purchase the minimum required coverage so you aren’t paying more than you feel you should. However, the minimum amount may not be enough to fully cover damage in all situations, so make sure you know the risks and if you should consider a more robust policy.

Auto Insurance Mistake #4: Paying the premium monthly.

A little budgeting goes a long way when it comes to auto insurance. However, it’s common for individuals to pay the premium monthly instead of bi-annually. Why consider paying twice a year instead of monthly? In the grand scheme of things, you’ll actually be saving money, as many providers charge interest or service fees for those monthly payments.

Auto Insurance Mistake #5: Forgetting to ask about discounts.

Doesn’t everyone love to get a deal? When you’re researching auto insurance policies, make sure you ask if any discounts are available, as providers usually offer discounts for a variety of reasons. For instance, you might be eligible for good driver discounts, student discounts, discounts for insuring more than one vehicle or bundling auto and home insurance, discounts for paying your policy in full, and so on.

Get the auto insurance you need at a price you can afford.  If you have any questions about how to get the best value on your auto insurance policy, contact Machor Sage today! Or, request a quote online today.