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Insurance companies are a necessity in today’s society. It seems like prices on nearly everything are rising so high and so fast that being without coverage may be financially devastating if bad things happen. Carrying insurance helps guarantee that you’ll be able to take care of whatever problem may have arisen. However, there are some characteristics that insurance companies have that may not be common knowledge. Following are a few things you might not know about insurance companies.
Your Insurance History Matters
If you’re like most people, you’ve more than likely had some form of insurance for the majority of your adult life. In that time, you may have had occasion to file a claim or two. Those claims will follow you no matter what company you get your insurance from. Because insurance companies take your entire insurance history into account when they’re considering whether or not to issue you a policy, those claims, even though they may have been filed years ago and hundreds of miles away, will register and possibly cause you to have to pay higher rates.
Personal Habits Impact Insurance Costs
You may be of the opinion that all people are created equal. You couldn’t be more wrong when it comes to insurance coverage. Individuals that smoke are subject to higher insurance costs, because medical statistics indicate that they may be more prone to certain illnesses. If you engage in hobbies that are considered to be dangerous, such as mountain climbing or motorcycle racing, you may have to pay a higher cost for health or life insurance coverage. Any personal habit you may have that could conceivably be the cause of an injury or illness that might otherwise be avoided could cost more for insurance coverage.
Lower Costs May Reduce Coverage
Many people go bargain hunting when they’re trying to find insurance coverage. In most cases, that a good thing to do, because the insurance industry is extremely competitive. However, don’t accept low prices at face value; you should read the fine print. Just because you’re quoted a very good rate doesn’t mean the coverage is equal to what you’d get by paying slightly more. In some cases bargain rates reduce coverage immensely. When shopping for a good rate, you need to pay attention to more than the cost–compare quotes that provide similar coverage in order to be sure you’re actually getting a good deal.
Legal Coverage Comes with Some Types of Insurance
Certain types of insurance, such as your home and auto policies, will help provide legal help if it’s needed, without extra cost–it’s included in the cost of the policy. If something happens that results in a law suit being filed against you, your policy will cover legal costs up to the limits of the policy. Be sure to check with your insurance agent to find out what is covered, and what isn’t.
Auto Insurance May Cover Pet Injuries
In some cases, your auto insurance may provide coverage for your pet if it’s injured during an accident that you’re involved in. Because pets are not usually restrained while they’re riding in your vehicle, they may be injured even if you’re not. In most cases, your auto insurance will provide funds to pay vet bills. You should read your policy closely to find out whether or not your pet will be covered.
Your Auto Insurance Covers Other Drivers
Most people aren’t aware that their auto insurance covers other drivers when they’re operating your vehicle. It doesn’t matter whether or not the other driver has their own insurance; your policy–in most cases–will provide coverage for them, providing they have a valid driver’s license.
A Student’s Possessions are Covered in Their Dorm Room
If you have a child in college, they more than likely have possessions in their dorm room that are worth quite a bit of money, such as a laptop computer or stereo system. These items are usually covered under your homeowner’s policy. However, this coverage usually doesn’t extend to off-campus housing, such as an apartment or rented house. This is another instance where you should check with your insurance carrier to find out whether or not you’re protected. You can read more about insurance companies and how insurance works at InsuranceCompanies.org.