Uncertainties are inevitable, but we can always prepare for it. If you are reading this article, then most probably, you are an insurance believer, and protection is one of your priorities. However, during these trying times, you must also be aiming to be liquid or maybe working to make ends meet so that when the unforeseen comes, you know you can quickly get something from your pocket. This pandemic has brought us so much to think about, and one of these is keeping our insurances enforced even if our income is shaky in status. That’s why we gathered a few tips you shouldn’t miss in reducing insurance costs during COVID-19. Here are some ways, to wit:
1. Review your policies. Whatever insurance policies you are maintaining, it’s the best time to review it. Here are the things you need to check
a. What type of insurances do you have?
Life and Health Insurance: As the family’s breadwinner, your life is the top priority, so make sure you got your life covered with life insurance as well as good health insurance. Remember that it is your last will and testament; if anything happens to you, that is not taxable. It will also cover all your loans and mortgages and will prevent your family from carrying the burden of paying them when you are gone.
Home Insurance: We do not know how far this pandemic will go on, but if worse comes to worst, and unexpected events erupt, is your home, the structure itself, and everything inside it prepared for theft, accidental damages within your property, and other damages that may be caused to it by either pandemic related riots, theft, civil unrest and vandalism or even weather conditions? Go and check your home insurance now. Make sure it’s covered too, because what we don’t want right now are unnecessary expenses, and if our homes are well insured, our insurance provider will cover any unexpected disbursements that are covered through the policy.
Car Insurance: During emergencies, we cannot just totally rely on 911 to rescue us, especially during a pandemic like this when their priority is to save covid-19 patients and keep the virus from spreading more. During these emergencies, we need our cars more than ever. Thus, keeping it in shape is a top priority. However, we cannot let go of the fact that accidents do happen no matter how careful we are on the road. Are we financially ready to face the expenses from accidents? Or would you like someone to carry this for you? Of course, it’s the latter, so check your auto insurance now and make sure it’s covered, too.
Owning a car is not a privilege. It is a responsibility the same way as holding a driver’s license. Hence, make sure you get sufficient car insurance coverage to protect from unnecessary expenses brought by accidents and unexpected incidents. With this comprehensive cheap car insurance quotes comparison and shopping guide, shopping for car insurance will be as accessible as 123. Car insurance quotes comparison methods, types and coverages are briefed and explained in a layman’s term, how it is priced, and which companies are best for each priority you are looking at, including reviews of car insurance companies and an average car insurance cost per month research that found Honda Civic Insurance to be among the cheapest popular cars to insure.
b. What protections do your policies give you?
Overlapping coverages – Your life insurance may have riders already provided by your health and medical coverage; thus, you may not need them anymore. Anyhow, to be sure, ask your financial advisors to help you with this matter. They can explain to you in detail each rider and coverage, for your better decision making. Remember that each rider has corresponding premium charges, so if you can take out overlapping coverage, that is undoubtedly a savings!
Lacking coverages – You and your family may be insured, but covid-19 is not part of the coverage, then during this pandemic, you are taking the entire risk of being infected, yourself. This isn’t what we want, right? Contact your financial advisor to help you check on this and if it’s not, process the transfer of risk to your insurance provider, this instance!
c. How much premium are you paying for, and when are they due?
Keep the contact details of your financial advisor handy, so when you have questions and need to make some clarifications about your policies, it will be easy for you. They will surely help you process any payment arrangements tailored to your budget and avoid late payment fees and charges, and worst, avoid lapsing or cancellation of your policies. This will totally reduce insurance costs on your end. In this way, too, you can also make your policies readily available when you need them.
2. What to do if you missed getting any of the three insurances?
So, you have reviewed your policies, and you missed two or three. It only means you are underinsured, no problem. Act upon it now!
You may be having second thoughts of getting one right now because of the covid-19 pandemic, as your budget may be compromised. Don’t worry. There are so many ways to get cheap insurance.
What is important before getting any insurance coverage is reading and understanding the quotation or proposals to verify if your priority is met or you will end up spending more. Lastly, there is no such thing as over-insured, so don’t worry about it. Now is always the right time to get protected and keep it that way!