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Five Mistakes to avoid when purchasing Car Insurance
Bought a new car, the next step is to sign up for car insurance. Did the car
dealer suggest car insurance? Are you going to sign without even comparing what
others offer? If yes, this is the first mistake which most of us do. Might be
because of our negligence or ignorance, these mistakes can be avoided.
Here are few common mistakes one should avoid while shopping for car insurance:
Failing to Shop around – Failing to shop around for car insurance is the most
common mistake. This might be due to any reason. Commonly, we sign for the first
offer we get, which might be not the best offer. Failure to do will end up
purchasing not suitable coverage.
When shopping, check with several companies, check online or consulting
insurance brokers. Talk and clarify all your questions. These will help you in
finding better quotes and make good decisions.
Not getting enough coverage – In an urge to save money. Most of us focus on
price, the least price tag. When concentrating more on the price we forget about
the coverage that you require. And we end up saving money by signing for minimal
coverage. So, make sure your car has enough protection.
Not disclosing about other drivers – Make sure to provide an honest answer on
how many drivers will use the car on your policy. You can get penalized for
unreported drivers, if any discovered.
Giving correct information will properly guard your car in case of an accident.
Missing premiums – Always be prepared for the unexpected. Accidents can happen
anytime, so be prepared. If you miss/ fail to pay insurance premiums on time,
there is a chance of policy getting cancelled. Set a pre-authorized withdrawal
from your bank account in order to pay premiums on-time.
Unfamiliar with what you are buying – Don’t assume things. Read top to bottom,
understand what your car insurance is covered and what not. It is very common
that among people just to sign a policy without understanding what exactly it
will do.
Now you know what are the common mistakes while purchasing car insurance. Shop
wisely and save your hundred and thousands of dollars.
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