Insurance Shopping

Many consumers don’t know this, but the State Corporation Commission has very extensive shoppers’ guides on buying various types of insurance.

Given the ease of shopping via the Internet, the SCC says it is  imperative to know the best practices.

Surprisingly, the SCC lists the top 50 insurance carriers statewide.  Although there are a handful of well-known insurers, many more exist, including some that do not have great reputations and offer bargains that turn out not to be so good. The SCC’s Rick Wright says his agency recommends that consumers shop their insurance periodically, even if they’re satisfied.

“What we recommend though is that insurance, when you’re shopping for insurance, you start out with an apples to apples quote. Have your own policy in hand and make sure that whoever you’re dealing with is quoting the same coverage that you’ve got on your existing policy,” says Wright. “And that way, you’ve got a fair measure to go by whether or not you’re getting a better deal or not.”

But Wright says a cheaper deal is not a better deal if consumers do not get equal or better coverage. He says one essential part of auto insurance is the maximum liability coverage paid to each person in a vehicle if you are at fault. The person who’s liable must pay for everything that the insurer does not pay, which can cause financial ruin due to one fender bender. Wright also suggests shopping for umbrella policies that extend the automotive coverage; they are typically less expensive than traditional ones.

-by Tommie McNeil

  1. Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: