FRIDAY, OCTOBER 14, 2022
When you’re choosing an auto insurance plan, it’s important to consider all your assets and find a plan that best protects them. You should also consider any risks you may face on the road. Choosing a plan can sometimes be confusing, but you may be able to avoid that feeling by paying special attention to these five common mistakes:
1. Failing to report all drivers using the car. Certain driver demographics (e.g., teenagers) may drive up the price of auto insurance. However, it is important to tell your insurer exactly who is driving your vehicle. Your agent can then provide guidance on how to best structure your insurance to optimize coverage and savings.
2. Not accurately reporting mileage. It can be difficult for agents to find a good rate for you if you are not honest about how many miles you typically drive your vehicle—honesty is key.
3. Not telling your agent you use your vehicle for business. When you tell your insurance agent all the ways you use your vehicle, they may be able to get you a better rate. It is especially important to tell your insurer if you use your car for business reasons as they can help you protect both your business and your vehicle. In some cases, your agent may even suggest commercial auto insurance better meets your needs.
4. Failing to accurately state where you park your car. Where you park your vehicle can affect your insurance rates. For example, if you park your vehicle in your home’s garage rather than in an open lot or on the street, you are parking in a lower-risk space, meaning your agent may be able to save you money.
5. Not providing accurate information about your driving record or previous claims. You may not want to tell your insurer about any driving tickets or previous auto claims, but it is better to do so in the long run. After all, your agent has access to that information anyway, and you do not want to give the impression that you are lying to them. Being honest about your current record and your past insurance claims may help your agent find you a better rate.
Be sure to provide accurate information to your insurance agency when searching for an auto insurance policy. Not only will your honesty help you find a plan that matches your risks, but it can also prevent you from missing out on discounted rates.
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