Tips for first-time Insurance Buyers

Purchasing any type of insurance is a big decision. There are a range of different policies offering various levels of coverage against numerous risks. This blog will cover the specifics of each kind of policy and the ins & outs for each:

Car Insurance

It is important to understand the ins and outs of buying a car and understanding the coverage you need. It will also help you save money on your next policy. Car insurance helps with financial responsibility in case something happens while driving, such as an accident or theft, or even vandalism.

If you’re a first-time car insurance buyer, then you will be concerned about the costs of car insurance for new drivers. You might also be wondering what type of coverage to buy and what kind of rates for first time drivers are available. You have many questions about this topic and we’re here to answer them all!

Shop around. Don't just assume that the insurance company your parents use is the cheapest, or even a good deal at all. In fact, a study from Consumers Union found that some insurers charge as much as $100 more per year for identical coverage to what you could get elsewhere. This can add up to thousands of dollars over time!

Ask for discounts—and know what they are! Many companies offer discounts for various reasons: having no accidents on your record for three years or longer, having multiple policies with them already and so on. Make it a habit to ask what kind of deals they have going on before committing yourself to one company—you might get lucky and walk away saving several hundred dollars per year!

How to choose an insurance company for your needs

  • Your first step should be to check out your insurer's reputation. A good company will have a solid reputation and will be known for providing quality service. You can do this by searching online or asking friends and family members who have worked with car insurance companies in the past. Better yet, ask your specialist at Acumen Insurance Brokers. They’ll find you the best insurer for the best rates.
  • Next, look at how long the company has been around. A good sign of longevity is when they've been in business for at least ten years or longer. If they are new, check out their financial stability by looking at their financial records before making a decision on which one to choose.
  • Look at customer satisfaction ratings from independent agencies based on surveys of thousands of customers about whether or not they had received high quality service from their insurers over time.
  • Finally make sure you speak directly with someone who works within an agency that handles itself professionally rather than simply getting automated responses from an email address set up solely for those purposes since having direct access allows more flexibility in terms where needed especially during critical times like emergencies when immediate assistance may not always be available anyway!

There is a lot of information to take in when it comes to buying your first car. Make sure you think about all the different types of coverage available and how that would apply to your specific situation. If you need help understanding what type of insurance would suit your needs best, contact an Acumen insurance broker today! 

Home Insurance

Buying home insurance for the first time can be a daunting experience. There are many aspects to consider, from protection levels to special features, and it can sometimes be difficult to know where to begin. Home insurance is a contract between you and an insurance company. It is a financial product that covers the cost of repairs and replacement of your home, its contents, and any additional living expenses if you are unable to live in your home because of a covered loss.

Why is it important to have home insurance

If you own a home, it's important to have insurance. Why? Because your home is one of the most valuable assets you'll ever own.

Your insurance policy can protect your property against damage and help you recover from theft or vandalism, as well as natural disasters such as fire or flood that may cause physical damage to your home, depending on whether you have this type of coverage.

Home insurance also helps to pay for repairs if the weather causes damage to parts of your house such as shingles on the roof or siding around windows and doors.

Can home insurance be bundled with my other policies?

Home insurance is a financial protection policy. It protects your assets, including the house and its contents. Home insurance can be bundled with other policies, such as auto.

Bundling your home insurance policy with other policies can save you money and provide additional coverage, flexibility, and convenience:

  • Bundle your home insurance policy with your car or insurance to get multi-policy discounts.
  • Buy a bundled package of home, auto and umbrella policies to receive a discount on all three types of coverage.

Home insurance is not a one size fits all solution. There are different types of coverage available depending on how much you want to protect yourself, the size of your home and family needs, etc., all of which will affect the price tag on your premiums (and vice versa).

There are many people who underestimate the importance of home insurance, but if you don’t want to risk losing everything in an accident or natural disaster, it may be worth taking some time out to make sure your finances are protected.

Life Insurance

Everyone knows that having a good insurance policy can be one of the most important investments you'll ever make. It's not just about protecting your home and car or making sure your family has enough money to live on if something happens to you. It's also about protecting yourself from financial hardship later in life.

The main reason people purchase life insurance is to provide financial security for their loved ones in the event of their death. Life insurance can help cover funeral costs, medical expenses, and other debts that your family will be responsible for out of pocket. In addition, it provides a lump sum payment that can help pay off loans or replace lost income from a deceased spouse's income.

Picking the right types of life insurance:

Term Life Insurance

Term life insurance, also known as pure life insurance, is a type of death benefit that pays the heirs of the policyholder throughout a specified period.

Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to lapse. 

What Is Whole Life Insurance?

Whole life insurance provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.

Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis. Growing cash value is an essential component of whole life insurance. 

What Is Universal Life (UL) Insurance?

Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums, similar to those of term life insurance. Most universal life insurance policies contain a flexible-premium option. but some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums).

With some thought and planning, people who are buying insurance for the first time can make the right choices.

One of the most important things to consider is how much coverage you need. It's essential that you have enough life insurance so that your beneficiaries can pay off any outstanding debts and cover their living expenses for at least a few years after your death. If you aren't sure what the right amount of coverage would be, consult with an Acumen Insurance broker who can help determine the correct amount you will need.

Life insurance is a necessary expense, but it doesn't have to be expensive. There are many options available to you that can provide the financial security and peace of mind you need without breaking the bank. An Acumen agent can help you make the right choices for yourself and your family.

Whether you are buying home, auto or life insurance for the first time, the team at Acumen Insurance can help you navigate your way in a smooth and concise matter that will not only have you fully protected but also give you peace of mind!