It’s understandable to get excited about a dirt-cheap insurance quote. After all, we’re all working within tight budgets and need to make ends meet. But when it comes to your insurance, whether it be for your home or car, things can be too good to be true.
Oftentimes, a really low-priced insurance quote is a sign of red flags occurring under the surface, but sometimes the quote is just that low, so how do you tell if a quote is realistic or fraudulent? That’s what this article aims to bring attention to.
Quick Signs Your Insurance Quote Is Too Good to Be True
If you’ve already gotten a quote and want to check it fast, here are the top three things to watch out for.
- Low prices: if the quote is between 30-50% lower than the immediate competition at a cursory glance, be careful!
- Don’t be pressured: you don’t need to be rushed into anything. Keep an eye out for people who try to put pressure on you, call you or email you endlessly to sign you up. This is a scare tactic to make you sign faster.
- Disappearing agents: if your agent or company suddenly stops answering the phone, can’t be reached and never gets back to you, it’s a flashing red flag. This means things are about to go badly.
Choose a Broker
Insurance brokers work closely with you to determine the scope of your insurance requirements and offer experience in a variety of insurance types as well as risk management. In light of this knowledge, insurance brokers investigate a wide range of insurance providers to select the most suitable policy for you. These brokers investigate the coverage, terms, conditions, and prices of various policies before making a recommendation, whether they are focused on a single industry or type of insurance or more broadly across a variety of categories.
You can either do a vetting process or utilize a trusted company like The NY Insurance Hub, an independent agency that can easily help you navigate the world of car, home and motorcycle insurance plans in a legitimate manner. If you want the cheapest car insurance quotes, this is the place to go and find better rates without the risk.
Look Out For These Red Flags
Here is what to look out for, and keep in mind when receiving quotes from insurance companies and insurance brokers as well.
Keep an Eye Out for Fraudulent Agents
Running into dishonest or fraudulent agents is one of the worst things that could happen to consumers looking for cheap car insurance. Some fictitious agents are merely skilled con artists. They send insurance proof cards, use real company names, and present genuine documents. You don’t realize you didn’t have a real policy until you try to make a claim.
Agents who are actively pursuing you should be avoided. It’s advised to check your local NY state department of insurance to see if an agent is licensed if you are unsure about their legitimacy.
Don’t GiveUp Good Coverage
While low car insurance rates may appear appealing now, they should not be obtained at the expense of coverage that you may require in the future. It’s critical to know what your auto insurance covers so you don’t just go with the cheapest option.
Consider what you stand to lose in the event that you are involved in a major car accident that results in damage and injuries to others, for instance, even though it may be tempting to accept a policy that only provides a limited amount of liability coverage at a bargain basement price, If you have a lot of assets, you could be the target of a lawsuit, and your insurance won’t be enough to cover what you owe.
Even though you’ll pay more upfront for a policy with high liability limits, you could save thousands in the event of an accident.
Quotes Can Change
Oftentimes a great quote that gets you on board is lower than the final price of your policy. This sometimes happens if you don’t mention prior accidents on your application. In other cases, in states where credit is allowed as a factor in auto insurance quotes, businesses offer initial rates before taking into account specific risk factors like your credit.
That being said, any insurer that offers a cheap first-time deal and then raises the prices when the policy is renewed is to be avoided. This is why you should be ready to switch insurers if your policy price jumps up too high.
NY Insurance Hub Agency
125 Wolf Rd STE 404 Albany,
NY 12205 518-783-0105
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