Never, Ever Make This Mistake When Buying An Insurance Policy

I hear it over and over despite having written about this in the past. It’s a common mistake but one that can end up costing you a lot of money. What is it?

Never Buy Insurance In The Spur Of The Moment

Buying insurance can often become emotional and good brokers or sales guys will be able to “scare you” to some degree into thinking that you need such or such insurance. Often they are right, sometimes they’re not. That is not the biggest problem about it though.

Pricing Is Difficult To Judge

No matter how good or bad you are with numbers, it’s a challenge to determine if the premium and protection that you are being offered makes sense.  For some types of insurance such as car insurance it can be fairly straightforward. But even for those, why would you not take an extra day to think about it and get at least 1 competing quote? It’s a no brainer in my opinion because there’s just no downside. Of course, the seller knows that his best shot at selling the policy is on that same day and he will push for it. There is no incentive for you to give in though.

It’s Never “Urgent”

One common tactic that will likely be used is how this deal might not be available a few days or a few weeks from now for reasons X, Y and Z. That might be true. The deal might in fact become worse, or better. But chances are that it will not change. Even if you were to consider the tiny possibility that it would be true, it would still make a lot more sense to take some time to think about the policy, and compare it with others.

Put in perspective… even if you end up saving a few dollars per month, that might be compounded every single month for years or perhaps even your entire life.. isn’t that worth taking the time?

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