The Big Picture Of Insurance

By Ben Glass, Esquire

Benjamin W. Glass and Associates

. https://www.benglasslaw.com/

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The Big Picture Of Insurance

Insurance can be a monumentally complex task to deal with for many consumers. The clauses go on and on, with the page count growing ever higher on policies. And that doesn't include the fact that you need a number of different types of coverage. This issue closely affects many people I work with, so I reached out to an independent insurance agent to do a number of videos with him about insurance.

This sounds like one of the most boring topics ever to most people, but it was a truly fascinating interview session that left me with new knowledge. Did you know that you can buy alien abduction insurance (and, no, I'm not kidding about that)? All of the sillier things aside, there were a number of excellent teaching points to take away.

First, when you are purchasing your insurance, it is important to be completely honest with the agent. It's not just a matter of general disclosure. You should be prepared to be specific and make sure you truly know your history, for whatever insurance you need to buy.

This includes minor things. For example, when your insurance agent asks if you have seen the doctor at all in the last five years, make sure to disclose physicals and general checkups. Not properly disclosing something could mean a denial of a claim down the road. Even I couldn't believe some of the denials that have been issued.

Second, online insurance quotes are not 100% accurate. As a matter of fact, for some drivers, the estimate made when you punch in just a little bit of information on a website could be significantly different. Yes, they are useful when you are shopping around, but don't assume that what you see on the site is the final price. There are many other factors that will need to be factored into your quote, which will be done by an agent.

Finally, there are two different types of agents independent and captive. The main difference is that captive agents work for one specific insurance company, while independent agents are licensed by a number of companies to sell their insurance. This means an independent agent is not part of their corporate structure and can provide you with a number of different options.

I know there are a lot of consumers out there who would be interested in more of this information about insurance. Talk to a qualified legal professional or insurance agent who can help you navigate the particulars of different types of policies and coverage.