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15 Key Questions to Ask when Looking for an Insurance Policy
I was contacted recently by a reader who also happens to be an employee of State Farm Insurance. He passed along to me a list of 15 questions that you will want to ask an insurance company when either shopping for a new policy or evaluating your current provider. So, if you happen to be in the market for a new insurance policy or want to re-evaluate your current policy (something I would actually recommend you do periodically), here are some questions to get you started.
Again, I did not create this list, I’m just passing it on to you as I feel it’s a good list of questions to discuss. I’d be particularly interested in the answers to questions 2, 3, 6, 7 and especially 10. Regarding #10, I’ve always found quite annoying the idea that I faithfully pay my premiums to the insurance company but they raise my rates as soon as I file a claim (wasn’t that why I was giving you all that money in the first place? So, you could cover my claim if I needed something?).
State Farm® Key Questions for Consumer Empowerment
- How do I know that I’m getting the right amount of coverage for my situation – not overpaying for things or leaving me exposed?
- What are the advantages of having different types of insurance policies (home, auto, life, etc.) with the same provider?
- What disadvantages are there of having multiple insurance policies (home, auto, life, etc.) with the same provider?
- How can I understand what comprises a good policy for my situation under each of the insurance categories? Language is complex and difficult to understand.
- How does your company make sure that I can get smart, trusted advice if my personal situation changes?
- What can I do to make sure that I get all of the discounts I’m entitled to?
- Are there benefits to renewing with the same company when my policy ends?
- How can I ensure that I’m making an apples-to-apples comparison if I’m price shopping among several companies?
- How can I make sure that my insurance decisions fit into my overall personal financial picture?
- What is the impact on me if I file a claim? Explain to me why my policy goes up when I make a claim? How is this protecting my financial needs if my insurance company raises my premium?
- What are the most overlooked discounts that are relatively easy to get?
- How frequently should I review insurance policies to ensure they are up-to-date and meet my needs?
- How can I tell if an insurance agent is being “straight” with me, or just trying to sell something else?
- Do my kids get a discount when they buy a policy with the same company that I have been with for years and years?
- Will a poor credit rating influence the coverage I qualify for and my premiums? How do I know if an insurance agency is investigating my credit report? Is that legal?
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Great list. There is a lot of controversy surrounding the rate based on credit model. Some of the smarter insurance companies are doing away with it and going back to basing it simply on driving record (as it should be)
Looking forward to your next post.
This post really interesting .Thanks for the key questions. This list really help me a lot.