Tips for buying insurance

Before talking with an insurance agent, you can help yourself become better informed about the insurance buying process. If you have some idea of what you need or want, finding the insurance policy that's right for you will not be the unpleasant task many think it is.

Whether you're looking for auto, homeowner's, life, health, or business insurance, the following tips will help you and your agent to get the insurance you need at a reasonable price.


1. Determine your needs. Try to imagine how much it would cost to replace something that is valuable to you — a car, a piece of jewelry, your home, the computers you use in your business, or whatever else you regard as important. When you think about the expense and inconvenience of replacing a stolen or wrecked car, for example, the cost of auto insurance is comparatively small.


2. Determine the different types of coverage available. Most insurance companies offer different types of coverage, geared to a variety of needs.


3. Determine your budget. Figure out how much you can afford to spend on insurance each month, semi-annually, or each year. Most companies provide payment options, including automatic funds transfers that simplify the payment process.


4. Buy only as much coverage as you need. Once you determine your needs and the types of coverage available, you can customize your policy to fit both your needs and your budget.


5. Ask your agent about the policy's deductible. The "deductible" is the portion of out-of-pocket expense you must pay before your insurance policy takes over. In general, a higher deductible means lower payments because you will assume larger out-of-pocket expenses.


6. Ask your agent about a multiple policy discount. Some insurance companies will give you a discount if you buy more than one type of policy with them, such as insuring both your automobile and your home.


7. Ask your agent about other discounts available. Most insurance companies offer discounts for devices or services that will protect your property or business, such as smoke detectors for your home or anti-lock brakes on your car.

Contact T.R. Jones & Company for all of your insurance needs.