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3 Common and Costly Insurance Mistakes

Posted by: Mackenzie (D/D) - 06.01.2017 - 11:40 am

Without a knowledgeable Goosehead agent by their side, many individuals have a difficult time sorting through countless insurance options. This often leads them to make decisions that may initially seem favorable at the time, but end up costing a lot of money in the long run.

At Goosehead, we strive to make insurance as painless as possible. That’s why we’ve compiled three of the most common and costly insurance mistakes you should avoid:

1. Looking Only at the Price Tag

No two insurance policies are created equally. Although one policy might seem great based on price, the coverage may not be sufficient for your needs. It’s important to take value and cost into consideration. If not, you may end up paying extensive out-of-pocket costs to repair something that the cheaper policy won’t cover.

2. Getting Only Minimum Coverage

Don’t be fooled by state-required minimums on car insurance. Policies that barely meet legal standards are often not enough to truly keep your finances safe in the case of an accident. For example, liability-only insurance won’t cover the cost to repair your car if you are found to be at fault in an accident. Likewise, some policies don’t reimburse you for expenses if you are hit by an uninsured driver.

3. Ignoring Flood Insurance

Even if you don’t live near a body of water, you need flood insurance. Many homeowners and renters don’t realize that their basic policy will not cover damage caused by a flood from heavy rains. People can protect their structure and belongings by purchasing a low-cost, high-value flood insurance policy.

Making any of these mistakes could prove costly in the future. If you’re ready to have a kind, helpful professional find the exact policies you need for your life, don’t wait to call Goosehead Insurance. For more insights, be sure to follow Goosehead on Facebook, Twitter, and LinkedIn

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