5 Insurance Mistakes Millennials Make and How to Avoid them
When it comes to insurance, millennials often make mistakes that can have long-term consequences. Here are five of the most common mistakes millennials make with their insurance, and how to avoid them:
1. Not Shopping Around for the Best Rates:
- When it comes to insurance, it’s important to shop around for the best rates. There are a lot of different insurance companies out there, so it’s important to compare rates before you decide on a policy.
2. Not Reading the Fine Print:
- Another mistake millennials make with their insurance is not reading the fine print. It’s important to understand the terms and conditions of your policy before you sign up for it.
3. Not Getting Enough Coverage:
- Another common mistake millennials make is not getting enough coverage. Make sure you understand the coverage you’re getting and that it’s enough to protect you in the event of an accident or unforeseen circumstance.
4. Not Reviewing your Insurance Policy:
- It’s easy to click “Accept” when a friend, parent, or colleague offers you a discount card for your favorite store. But it’s not so easy to review your policies when you need to file a claim. Make sure to look over your insurance records to make sure everything is up to date.
5. LACKING TRUST IN YOUR INSURANCE:
- If you don’t trust your insurance company, you probably don’t trust your agent, either. Read reviews of the agent before you hire him or her. To keep things simple, look for an agent who is either a member of the National Association of Insurance Commissioners (NAIC) or the American Statistical Association (ASA). Both organizations monitor state and federal regulators to ensure that agents provide correct information.