7 Deadly Sins of Insurance Buying

Personal and business insurance buyers -- Don’t make these mistakes

Everyone who buys insurance often runs into what we call the seven deadly sins of buying insurance. These apply to both personal insurance and business insurance.

Read these to see if you can relate to any of them.

1. Your deductibles are too low - The lower the deductible the higher the premium. Consider increase auto physical damage deductible on older vehicles.
2. You have more than one agent - Having two agents it not wise. Select one agent whom you believe will be best for you. Two agents can trip over each other, and you could end up uninsured.
3. You don’t consider the insurance cost when buying a car - The make and model of the car you purchase will have an impact on the insurance costs.
4. Your replacement cost value is not correct - It is very important to keep your replacement cost up to date. Replacement cost coverage will replace or rebuild your property with like kind and quality of materials.
5. Failure to develop a property inventory - Having an accurate inventory of your personal property can reduce stress at the time of a loss and help insure you receive 100% of what you lost.
6. You have coverage you do not need - There are many different types of insurance you can buy but not all are needed. For example, travel insurance, pet insurance, extended warranties and mortgage life insurance is not always needed. We have other options and recommendations, call us today.
7. Cancer insurance - Marketed by specialty-insurance companies, these plans supplement health insurance for cancer-care costs. Annual premiums range between $400 to $2,000 dollars. Despite their high cost, the policies may not cover outpatient care. Chances are that your existing health insurance already covers cancer expenses.

At Leap / Carpenter / Kemps, Merced County’s largest locally-owned agency, we have an experienced staff of professionals who understand that each business is unique and that the one-size-fits-all approach just doesn’t work. Our agents have access to more carriers and more plans, and that means that they have more options to create the best possible combination of coverage to minimize your risks and lower your costs.