The worst thing you can do is ask an insurance agent, how much insurance you need, they will always most of them try to get you to spend a little more because they get paid for that stuff
So many people have so many things they pay for in their car insurance policy that they absolutely don’t need, and some of them are actually doubled covered, its like having health card twice
So in this video, we are going to break down exactly how much insurance you need, and see if we can safe you some money
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1. Get what you Need not Everything
-You ever seen someone go to a buffet, where its filled with food, and you have unlimited servings but there’s only one rule, if you don’t eat the entire plate then you have to extra
-That’s how it is to have absolutely everything with your car insurance, you end up paying a fee for having to much
-It’s better to get what you need
2. Who Should you go to ask about insurance
-You have two types of agents that are going to be trying to sell you insruance
Captive agents: can only sell for a specific company
-These people work for the company
-They are being recorded and monitored like they tell you
-So they are going to recommend their products and they usually have quoates to meet
Independent agent: can sell many policies for very different companies
-Now this means they don’t have to have specific loyalties towards one company
-But you also don’t want to close your eyes
-Because more than likely different companies offer different rewards
My recommendation is this:
-Shop around, like my grandma says
-Call multiple agents and see what they say
-And go back forth and compare
3. 6 Most common Parts of your insurance Policy
-Bodily injury liability: this is coverage for an injury you cause to someone else ( you or the people listed on the policy )
-Property damage liability: Coverage when you hit a car or property
-Medical payments or personal injury protection: Covers the payments to the injury and sometimes even the loss of wages
-Collision coverage: Pay to repair or replace your car
-Comprehensive coverage: Something other than collision like Flood, fire and more
-Uninsured/underinsured motorist coverage: helps cover you and your family if the other person isn’t fully insured
How much do you need:
-Usually you want to go high on liability side because it’s the cheapest part of insurance and you get the most bang for your buck
-And other parts you want to review your state minimums and come to your own conclusions on what makes the most sense
-Spending 15m can save you 15% or more on this stuff
4. Bundle and Save
-Sometimes this makes sense
-Getting an insurance that covers your home, and other assets you may have
-Again just shop around and compare and see what makes the most sense
Tip: Being Cheap with stuff like this can sometime end up costing you a lot, so just make sure you get what you need.
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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