Insurance Q&A: Common Questions You May Have

January 3, 2020

The process of selecting the right insurance policies for you and your family can be daunting. If you are not financially savvy it is easy to be confused by the terms of policies offered and how they benefit you. While you should arrange an in-person consultation with an insurance agent to iron out the final details, here are a few common questions and answers to them to help get you started.

What information do I need when applying for an insurance policy? 

You will need to include basic information about yourself, such as your name, age, gender and address. You will also need to include secondary information that pertains to the type of insurance you are purchasing. For example, if you are applying for renters’ insurance, you will need to list the address of your apartment and number of items within it that need to be insured. If you are applying for auto insurance, you will need to share your driving record.

What are the advantages to purchasing insurance through an independent agent?

Purchasing insurance through an independent agent gives you a more personal, in-depth experience than purchasing directly from a company. An agent will likely be willing to work with you before making a purchase to address any concerns and discuss the policies in detail. Whereas if you buy insurance over the phone or online, you cannot evaluate your options as closely. Therefore, shelling out the extra cost to receive the services of an agent can prove to be worthwhile.

Will my credit score affect my premium?

Yes, your credit score will definitely affect how much you pay for your policy. Insurance companies face a greater risk of clients with low credit scores not paying them on time or in the full amount due to past history. Individuals with low credit scores are also more likely to get into accidents, in the case of auto insurance. Therefore, if you have poor credit, you can expect to pay a higher premium than you otherwise would.

Do I need to purchase rental insurance every time I rent a car?

Some auto insurance policies will cover part or all of a rental car, and others will not cover it at all. You will need to call your provider or speak with an agent and have the details of the rental ready so they can give you a definite answer.

What types of insurance will I definitely need throughout my life? 

This varies depending on circumstances such as your occupation and where you live, but the basic types of insurance you will need to purchase will be:

  • Auto insurance
  • Homeowners/renters insurance 
  • Life insurance
  • Health insurance

These are just a few, among many, common questions people have about insurance. Hopefully this article helped ease you into the process by answering basic questions, but you should absolutely book a consultation with your prospective insurance provider or independent agent to discuss things further.

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