Are You Paying For More Coverage Than You Need?

When it comes to getting insurance coverage, people tend to believe that getting more coverage is always better. This is done to cover certain costs from different situations whether that be business coverage or auto coverage, or coverage for small things such as a TV or phone. While it is good to get extensive coverage as it can come in handy in emergencies, sometimes you might be paying for more coverage than you need. 

But I Thought More Coverage Is Good?

Yes, insurance coverage is good, for major and expensive emergencies. Insurance companies need to make money, which is where their premiums come into play. Premiums are what you pay for the coverage to cover you. These premiums usually are paid in monthly payments which can add up quickly depending on the coverage you elect to get. This is where it is important to know what you need coverage on, and what you can do without.

How Do I Know What To Get Coverage For?

Having coverage is essential for certain things in your life. Think about it like this, what are you more likely to get coverage for if you only had enough for one type of coverage? Would you get phone coverage that will cover the loss of your phone in the case it gets cracked or stops working, or would you get medical coverage which covers your doctor/hospital visits? Ideally, you would choose medical coverage as it is important to take care of your health, and you know how expensive medical bills can be. A phone on the other hand, can be replaced at a much cheaper cost than a medical bill. Plus, without phone coverage, that is one less cost per month! 

Get Coverage For The Important Things 

Things you can’t afford to lose are things that you should probably get coverage for. Say you only have one car for your family, but don’t have coverage for it. What happens if it gets in a wreck, and the cost of repairs is not something you can afford at the moment? Then your family is out of a vehicle, and transportation becomes a lot more difficult. Get coverage for the things in your life that you absolutely need. Sure, it may be nice to get coverage on everything, but costs can add up pretty quickly. Evaluate your options and see what makes the most sense for your situation. 

This content is for informational purposes only and may not apply to all situations.

Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Alliance Insurance Agency, Lubbock, TX. © 2021 Alliance Insurance Agency, Lubbock, TX. 

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