Every person is unique; shouldn’t their insurance match their situation? Often when we talk to people about their past experiences with insurance, it comes down to money: how much they paid and how it repaid them when they needed it. These two parts of insurance have two major components that impact how we see them: insurance premiums and deductibles. Today we want to talk about the missteps many make with their policies in regard to these two options and what they can do about it.

Understanding Insurance Premiums and Deductibles

Okay, let’s talk insurance fundamentals. Insurance premiums are what you pay (usually monthly) to have that insurance coverage. The policy will have stipulations on what it covers and when it pays out. Usually, that payout includes a deductible—a minimum you have to cover before your insurance starts to pay.

What Are Your Current Insurance Premiums?

It can be tempting to get the minimum amount of insurance needed, especially with a mandatory insurance like auto insurance in MA. However, while these might have low premiums, the cost can be found in either the deductible (see below) or payout limits and limited coverage.

What Are Your Current Insurance Deductibles?

A low premium is often linked to a high deductible. Think of this as the “bar” set before you could get something paid by insurance. For example, with a $1,000 deductible, that means that nothing individually under this $1,000 threshold would be covered.

Picking Better Insurance Policies for Your Situation

A lot of the work we do here at Safeside Insurance is helping people—especially those who have been burned by low premiums but high deductibles—pick better policies. We believe in the right insurance for the right price: balancing the costs of the insurance with its deductibles and coverages for your unique situation. Whether that means revisiting your homeowners insurance or the coverage for a growing business, we guide people through what is best for them.

If you’ve been burned by cookie-cutter policies in the past, it might be time to come to us. The Safeside Insurance Agency has been serving Worcester County and greater Massachusetts for over 30 years. Family-owned and -operated and active in the community, our goal is to help clients shop for coverage, not savings, for now through the rest of their lives. If you want to see the difference an independent insurance agency can make, contact us now or call us at (508) 753-8862.