There’s a lot more to choosing an insurance plan than simply signing up for the first plan that comes your way. If you want to get the right plan at the right price, you have to take your time and weigh your options.
But, exactly what do you need to do when you’re ready to start the process of selecting insurance providers?
Here is a step-by-step guide that will ensure you choose the right plan for you and your family.
Know Exactly What You Need
Choosing an insurance plan means knowing what type of insurance you need, but it means a lot more than that. Whether you’re ready to switch up your car insurance or you need to sign up for health insurance, you have to take a deep dive into exactly what you need.
- Do you need liability only car insurance, or would you like more comprehensive coverage?
- Do you need a certain health insurance plan that covers the doctors you already see?
- Maybe you are considering an umbrella policy to protect against vandalism on your property?
These are the kinds of questions you’ll want to answer when choosing an insurance plan.
When you have an idea of what kind of insurance policy you need, you next have to think about costs. There are many ways to reduce costs depending on the type of policy you are considering.
For example, if you’re considering health insurance providers, you may want to consider a high deductible plan with a health savings account (HSA) to keep monthly costs low.
If you’re in the process of selecting insurance providers for your car, you might want to choose liability only coverage for an older vehicle, but you might choose comprehensive coverage for a newer car. That way you get good coverage for your new car, but aren’t stuck paying too much for an old one.
Figure out your costs in the short run, but also think about your costs in the long run. If you foresee expensive medical care in your future, for example, a high deductible plan may not save you as much money as you think.
Consider Bundling to Save
Are you already working with an insurance company on another policy? It’s worth your time to consider bundling your policies.
Many insurance providers offer special deals when you bundle multiple policies together. The more policies you have through the same insurance provider, the more money you can potentially save.
While you’re at it, you should also ask if there are any other benefits of being a customer. Some companies may provide you with perks over time. The longer you keep your policies with the same company, the more money you could potentially save.
Work With an Insurance Broker
If you don’t have an existing insurance company to work with, or if you’re open to the idea of working with a new carrier, consider working with an insurance broker.
An insurance broker can help you when choosing an insurance plan because they work on your behalf to find the best policy for your situation. Unlike insurance agents who only offer policies from a single carrier, insurance brokers work with a dozen or more carriers. With more choices, you can get an insurance policy with all of the features you need, without any of the features you don’t, ultimately saving you money.
That’s exactly what we do at DJM Insurance Services! We offer a wide variety of insurance policy options from over 12 A-rated carriers. Contact us today and tell us more about your budget and your needs, and we’ll help you find the perfect policy.