Auto Insurance
PERSONAL FINANCE; Hunting for Bargains in Insurance
Most consumers think nothing of conducting an exhaustive time-consuming search for the best deal on such items as a compact disk player or an air conditioner. But insurance? That’s a different matter. ‘’Insurance is about negative, troubling ideas, like your house burning down, your car being stolen or someone dying; no one wants to face it,'’ said Kevin Foley, Deputy Superintendent of the New York State Insurance Department.
Most consumers think nothing of conducting an exhaustive time-consuming search for the best deal on such items as a compact disk player or an air conditioner. But insurance? That’s a different matter. ‘’Insurance is about negative, troubling ideas, like your house burning down, your car being stolen or someone dying; no one wants to face it,'’ said Kevin Foley, Deputy Superintendent of the New York State Insurance Department. ‘’People just grab the first thing they hear about.'’
That’s foolhardy, experts say. The price of similar automobile policies can vary by as much as 50 percent and life and homeowners’ plans by as much as 35 percent. With that in mind, consumers are well advised to take the time to shop around. Indeed, the search should start as early as three to four months before your current policy is up for renewal, said Patrick Breslin, spokesman for the New Jersey Department of Insurance.
Before beginning, it is imperative to have a clear idea of the coverage you need, and in what amount. Bear in mind that the more complicated the product, the more difficult it will be to measure one insurer’s offer against another.
In the case of auto insurance, dropping collision and comprehensive coverage as the car gets older is usually recommended, as is increasing the deductible to the highest level you feel comfortable with. And homeowners’ coverage should only insure your house for what can be destroyed or stolen, not for the land or foundation, experts say. As for life insurance, most consumer groups advocate term insurance even though many people prefer to combine their life insurance protection with their savings, opting for whole life, universal or variable plans.
These decisions, as difficult as they may be, should be made early on, usually with a financial planner, accountant or insurance agent. Once you know what you want, how do you go about singling out the best deal from 5,000 insurance companies nationwide?
More : query.nytimes.com
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