How to Compare Insurance Quotes

Posted by Graham McKenzie

November 27, 2009

Comparing insurance quotes is one of the most daunting tasks you’ll have to do. Many people don’t have insurance simply because they don’t want to try to figure out what everything means and then find a company. Other people just go with the same carrier that their family has and they never shop around.

The problem with this approach is that you could be getting a very high rate compared to other insurance companies. The important thing that you must remember is that it’s possible to save a lot of money just by getting different insurance quotes. There are many different types of insurance and each one depends on its own factors. There are also certain numbers that you’ll want to watch out for when comparing insurances.

The first insurance that you’ll encounter is car insurance. The first big decision that you’ll have to make is whether you should get full coverage or just collision. If you have an older car then it will be more cost effective just to get collision as you’ll probably have paid for the value of your car if you get full. It’s also important that you find out if there are any courses that you can take or other little things you can do to get special discounts. For example if you’re a student you can get a discount for having above a 3.0 GPA every semester. Most insurance companies now do this. Finally you’ll also want to be looking out for the tier of coverage that you’re being quoted for. The tier of coverage will be based on two numbers such as $25,000/$50,000 or $250,000/$500,000. While there are many tiers of coverage you’ll want to make sure that each company is giving you the quote on the same tier.

Some places that you may want to rent from may require renter’s insurance. While not all places require it, it might be an investment that you want to make. Renter’s insurance is one of the least expensive insurances out there. You should be able to find a deal for around $100 for a whole year. This will allow you to cover up to $13,000 in property damage. For many renters this amount is more than the cost of their items and is therefore very effective.

Health insurance is probably the most confusing of all insurances. There are many different types of plans and some are combined with each other. For the majority of cases you can get an 80/20 plan or a plan that pays 100% after a certain deductible. An 80/20 plan lets you pay 20% of all of your medical bills, but this can still be thousands if you have to have a surgery. If you choose to use a deductible you have to pay up to a certain amount and then the insurance company will pay the rest.

The normal for most people is an 80/20 plan where you only pay 20% of the cost of your medical bills. However this plan can still become expensive if you have to have surgery. In other cases you can get 100% coverage after a certain deductable. That is where you’ll pay the first $1200 in bills and then after that the insurance company pays for everything. While many people go through their work to get health insurance it’s sometimes more cost effective to find private health insurance.

Graham McKenzie is the syndication coordinator for a leading South African Insurance comparison portal.

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