My name is Eric Bowman, and if you have questions about insurance, this is the blog you need to read. I was always confused when I had to purchase insurance. I would either end up paying for insurance I didn't need or I wouldn't buy the right policy. I finally decided that I was going to learn all I could about insurance policies so that I would understand exactly what I was buying. Now, I am completely satisfied with my insurance and the coverage is just what I need. I realized that there are others who are probably just as confused as I was, so I am writing this blog to help others get the best insurance for their needs and budget. I hope that my blog gives you the information you need to make the right choices when purchasing insurance.
Insurance is something that is designed to cover unknowns and most types of insurance policies are considered optional. In other words, you are not required by law to purchase insurance in most cases, but many people do because it is the only protection they have against situations that can cause losses. If you are not sure if you should buy insurance, you should examine the pros and cons of having insurance coverage.
1. The pros of having insurance coverage
The main benefit of having insurance is the protection it offers if you ever experience a loss of any kind. For example, if you wreck your car and you are responsible for the accident, your insurance policy would pay for the damages. If your house gets destroys or vandalized, it is your insurance policy that would pay for the damages. The protection offered by insurance policies is the main reason people purchase these policies, and you can purchase insurance coverage for almost anything you own.
Secondly, having insurance is a great way to protect against lawsuits that could arise against you, as most insurance policies offer liability coverage. If someone sued you, your insurance company would be responsible to cover the claim. Without insurance, you would have to pay it out of your own pocket.
2. The cons of having insurance coverage
The main downside to having insurance is that there is the potential to pay into a policy for many years and never receive anything back from the policy. For example, if you buy car insurance and never have to file a claim for your entire life, you may feel like you wasted a lot of money paying into a policy that never offered anything back to you. This truly is the only downside to having any type of insurance policy. It is important to realize, though, that the amount of money you pay each year for insurance is very small compared to the amount of money an insurance company typically has to pay when a person files a claim.
The one thing that you can be certain about with insurance is that you will never know when you will need it. The situations that cause people to file claims are typically sudden, and they just come out of nowhere. If you feel safer having coverage, contact an auto insurance agency today to find out what types you should purchase to fully protect yourself and your things.