Ankersen Finnegan posted an update 6 months, 2 weeks ago
Having insurance should present you with reassurance. Unfortunately, some insurance agencies attempt to exploit you, avoid their responsibilities, and take your money without providing you with your due benefits.
Knowing these under-handed tactics will prepare you to better navigate the insurance coverage field and select a provider you can trust when unforeseen circumstances arise.
To assist you you’ll need, here’s an invaluable guide on five common ways insurance firms try and con you.
#1. Unexpected Renewal Price Hikes
Some insurance providers make an effort to catch you off-guard, raising the buying price of your plan at renewal time without you noticing.
These insurers make sure to hook you together with a too-good-to-be-true offer, followed by a sneaky price hike without explanation of the you’ve implemented to deserve a greater premium.
#2. Low Deductibles, but High Rates
Some providers attempt to persuade you to choose a low-deductible policy, assuring you you’ll pay less out-of-pocket in the case of a car accident.
The things they don’t let you know is the math. Deciding on a lower deductible over lower premiums means you have to pay more within the long-run-unless you’re a very accident-prone driver.
Let’s say a brokerage sells a $100/month policy because that you’ll just pay $250 for just one accident.
However if you simply were to select a $50/month policy and pay a $1,000 deductible, you’d save $450, assuming you should only get one accident a year.
So unless your ability to drive leave much to become desired, you’re better off selecting a higher deductible/lower premium plan.
#3. Understating Your Vehicle’s Value inside a Total Loss
If the car’s an overall total loss, your policy may cover an upgraded or cash worth of a similar car.
Some companies sell you short by understating your vehicle’s value, pointing to trivial details like paint chips and dings.
Other times, insurers low-ball you by using a “comparable” vehicle-one that has thousands more miles on the clock.
Although low mileage is a vital aspect in your vehicle’s value, some insurance carriers intentionally ignore this fact so they can short-change you in the eventuality of an accident.
#4. Flood vs. Wind Damages
Having coverage for hurricanes is important for homeowners in Florida and other storm-sensitive states.
Unfortunately, some companies try to benefit from affected homeowners by planning to mischaracterize wind damage as flood damage.
Continually be alert to what your insurance does and doesn’t cover, and carefully document the character and extent of injury to your house.
#5. Inadequate Coverage of Out-of-Network Visits
For appointments with out-of-network doctors, insurers generally pay a proportion of what they consider a “reasonable and customary rate” for healthcare providers from the area-rather than a proportion with the bill.
The problem is when some insurance agencies manipulate your data which they assess “reasonable and customary” rates in order to pass many cost onto consumers.
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