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Avoid costly insurance mistakes, III says

Consumers can save money on their home and auto insurance policies by following the Insurance Information Institute’s tips

Consumers may know that shopping around online is a valuable way to save on insurance premiums, but some new tips from the Insurance Information Institute can help policyholders shop smarter.

Insurance customers can become savvier consumers with the III’s tips, too. For example, the institute encourages consumers to pick a policy based on ratings information and word-of-mouth recommendations. Price isn’t the only factor to consider.

Carrying the minimum amount of coverage is often a bad idea, the III suggests. The minimum amount on an auto insurance policy may not cover legal fees and other costs in the event of an accident. But older cars may not need collision and comprehensive coverage; dropping those features can lower out-of-pocket expense.

Similarly, home insurance should be sufficient to cover the cost to rebuild – not just a house’s market price. Rather than cutting coverage, the III suggests, policyholders should increase their deductible.

Renters insurance is an important and often-neglected insurance product that covers both loss and liability. By purchasing multiple policies – auto and renters – consumers can save money.

Learn how easy and convenient shopping for auto insurance can be. Get your free auto insurance quotes today!

Posted: December 29, 2009

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