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  • Ankersen Marshall posted an update 6 days, 11 hours ago

    Having insurance should provide you with peace of mind. Unfortunately, some insurance agencies try and exploit you, avoid their responsibilities, and take the money without supplying you with your due benefits.

    Knowing these under-handed tactics will get you ready to better navigate the insurance policy field and judge a company you can trust when unforeseen circumstances arise.

    That will help you you’ll need, here’s a priceless guide on five common ways insurance agencies make an effort to con you.

    #1. Unexpected Renewal Price Hikes

    Some insurance providers try and catch you off-guard, raising the price of your plan at renewal time without you noticing.

    These insurers make an effort to hook you within a too-good-to-be-true offer, then a sneaky price hike without any explanation of the you’ve completed to deserve an increased premium.

    #2. Low Deductibles, but High Rates

    Some providers try to persuade you to decide on a low-deductible policy, assuring you you’ll pay less out-of-pocket in the event of an accident.

    What you don’t let you know may be the math. Selecting a lower deductible over lower premiums means you have to pay more from the long-run-unless you’re an incredibly accident-prone driver.

    Let’s say a financier sells that you simply $100/month policy on the basis that you’ll pay just $250 for just one accident.

    However if you could pick a $50/month policy and pay a $1,000 deductible, you’d save $450, assuming you simply get one accident per year.

    So unless your ability to drive leave much to become desired, you’re better off selecting a higher deductible/lower premium plan.

    #3. Understating Your Vehicle’s Value within a Total Loss

    In case your car’s a total loss, your policy may cover a substitute or perhaps the cash price of the same car.

    Some companies sell you short by understating your vehicle’s value, pointing to trivial details like paint chips and dings.

    In other cases, insurers low-ball you using a “comparable” vehicle-one which includes thousands more miles around the clock.

    Though low mileage is an important factor in your vehicle’s value, some insurance firms intentionally ignore that fact for them to short-change you in case of a major accident.

    #4. Flood vs. Wind Damages

    Having coverage for hurricanes is crucial for homeowners in Florida as well as other storm-sensitive states.

    Unfortunately, some companies try and benefit from affected homeowners by planning to mischaracterize wind damage as flood damage.

    Continually be alert to what your insurance does and doesn’t cover, and thoroughly document the character and extent of damage to your dwelling.

    #5. Inadequate Coverage of Out-of-Network Visits

    For appointments with out-of-network doctors, insurers generally pay a proportion of the they consider a “reasonable and customary rate” for healthcare providers within the area-rather than the usual proportion in the bill.

    The catch is when some insurance companies manipulate the information on which they assess “reasonable and customary” rates as a way to pass more of the cost onto consumers.

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