5 Steps to Cheap Insurance Online
by Penny M. Hagerman
For savvy shoppers, finding cheap deals online isn't hard; it just takes time and a keen eye.
But everyone knows the lowest Internet insurance rates can be found online quickly and easily by formulating a plan, requesting free quotes, and comparing coverage from one insurer to another.
For those ready to lower rates and start saving money on premiums, follow these steps to get the right coverage today—and stop sweating those insurance bills!
- Find out exactly what kind of coverage—and how much—is necessary. This is usually determined by personal circumstances and budget. For example, when purchasing a new car, it's important to get the most inclusive online coverage available. Why? Because getting into an accident with a vehicle straight from the factory can be an expensive proposition. Similarly, rates on new homes run higher than those for existing homes. However, purchasing a home that costs less to start with means lower premiums, making it easier to get cheap insurance online.
- Gather any information that may influence costs, and apply for insurance online. This may include pre-existing conditions; important statistics like general health, weight and age; or the number of people living in the household who need cheap coverage. For online life insurance, income or goals may figure heavily into the rates you're quoted. Honesty is the most important factor here. So tell all when answering insurer questions.
- Obtain at least two or three quotes. The more there is to compare, the better the likelihood of making a wise decision. Also, depending on what's needed and the packages insurers offer, additional coverage may be available at little or no extra expense. For instance, adding sewage backup coverage to a homeowners policy often runs only about $5 per month, and can be a true lifesaver when it comes to replacing water-damaged floors. However, price isn't the only important factor here. It's vital to protect family and finances, so a little additional coverage at a vulnerable time may be more than worthwhile.
- If currently insured, don't automatically cancel coverage. Instead, find the policy that's in effect and compare it with new rates. The current or most recent plan may be the best deal yet, but you'll never know for sure until you compare old with new. At this point, consider the impact of dropping unneeded coverage to save money. The agent who provided the quote can offer advice in this area and help save money on monthly premiums with extra discounts.
- Get questions answered and make a final decision. Email or call agents who provide quotes—or visit them in-office, if necessary—and make sure there are no stones left unturned when it comes to understanding your options. Insurance isn't the easiest subject to understand, but it usually makes sense when explained by knowledgeable professionals in everyday terms.