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Ph 480-535-5709

Fax 480-785-4930

Txt 480-878-7715

 600 E Baseline Rd. 

Ste B-3 Tempe, AZ 85283

AZ Insurance Team is an Arizona Insurance Broker offering Home insurance, Auto insurance, Life insurance, and Commercial Insurance in Tempe, Phoenix, Chandler, Gilbert, Mesa, Scottsdale, Ahwatukee, Glendale, and everywhere else in Arizona. We also do insurance in California, Oregon, Washington, Colorado and Texas.

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September 27, 2019

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Sneaky tactics insurance companies use

May 21, 2018

 

 

When you’re looking for an insurance policy you look for the best coverage for the lowest price…but do you really know what you are looking at?

Unfortunately, sometimes insurance companies or agents will take advantage of this and give you policies that either give you way too much coverage or not nearly enough.

Here are things to look out for before starting a new policy. 

 

Homeowners

-Not talking to you about special coverage for high value items (Jewelry, Guns, Camera Gear, Art etc.)

Most home insurance policies have a sublimit for losses that are around $2000 for high value items such as jewelry, guns, art and antiques. There are additional coverage options that will include these items when they are damaged, lost or stolen.  

 

-A percentage deductible

Many people think that a 1% deductible will be 1% of their total claim. However, it is actually 1% of the dwelling coverage of their whole house. For example, if the home's coverage is $300,000 the deductible will be $3,000, which is significantly higher than what most people should be paying for a deductible (around $1,000). 

 

-Low liability limits 

Some companies will try to give you a $100,000 liability limit rather than $500,000.

You are probably thinking to yourself that you're not able to afford a policy with that big of a limit. But many agents won't tell you that the price difference between the two is about $2 a month. So with $2 you are getting $400,000 more in coverage for those unpredictable occasions. 

 

Auto

-Full coverage with low liability limits 

Full coverage on an auto policy? Sounds great! But with a low liability limits, it doesn’t amount to much. Liability coverage is for when you cause harm to another person or vehicle in an accident.

For example, You are at fault for a crash that injured three people in another car. Your bodily injury liability limit per person is $25,000 and your bodily injury limit per accident is $50,000. If Person 1's medical bills total $40,000, Person 2's cost $30,000 and Person 3's cost $25,000, you're likely covered, as each person's bills were under $50,000 (your bodily injury limit per person), and the total cost of injuries is $95,000, which is lower than your $100,000 bodily injury limit for a single accident.

You are responsible for whatever your liability does not cover, so when the limits are low you have to pay more out of pocket. 

 

-Less uninsured and underinsured coverage

Sometimes insurance companies will scale back on the coverages that protect you, uninsured or underinsured.  This makes your policy price seem more appealing, but you are protecting other people more than you are protecting yourself.  If you were to get into an accident you would not get nearly as much compensation than you otherwise would have gotten with more uninsured and underinsured coverage, which is an inexpensive coverage.

 

The most important thing that you can do is to ask questions to your agent such as What does this mean? Why is something important? What is my protection? 

 

If you're looking for an insurance company that won't try to pull any of these tricks on you, give us a call and we will find the best policy for your individual needs. 

 

AZ Insurance Team
480-535-5709
https://www.azinsuranceteam.com

 

*All  policies are a little different and this may not be applicable to your insurance policy, talk to your agent to see what your policy covers.

 

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