Insurance—a word that usually instills dread or heightened nerves. No one really understands it, and no one really enjoys the process of buying it. What exactly is the difference between companies, and how are the rates calculated? Do I really need what the company says I need? Here is a simple explanation on buying insurance, compared to something we all understand—how to make a sandwich.
The Bread
The bread is the foundation of your sandwich. Your choice of foundation gives the whole sandwich character. Is it a classic Bimbo white bread, or a healthy, natural whole wheat? Is it pre-sliced and bagged, or an artisan bread straight from the baker’s oven? These are personal preferences that you act on when making your sandwich. They are preferences that are based on your personal tastes, sandwich history, and budget. A poor college student probably isn’t going to buy the same bread as a Fortune 500 CEO. After selecting the type of bread, you must examine the coverage it provides to your sandwich. If the slices are too thin, the spreads seep through, the filling falls out, and you have a soggy, unappetizing sandwich. If the slices are too thick, you have a mouthful of bread with little meat and filling. You need to find the happy medium for your particular sandwich: the bread needs to be strong enough to hold all your fillings and meet your needs, while not being so excessive that you have a bread sandwich.
The bread of your insurance policy is your amount of coverage. When selecting coverage from an insurance company, you must examine your needs and wants. And sometimes, you even need to choose between your needs and wants (hint: the needs win). Before even looking at coverage options, make sure you understand yourself, your goals, and your budget. Do you need the full coverage, artisan bread option, or does your budget only allow for the store brand white bread, the minimum liability insurance? Like your sandwich bread, make sure it is comprehensive enough to cover your needs, but not overwhelming to the point that you’re paying for more than you need.
The Filling
The filling of a sandwich is definitely the most diverse and preference dependent portion of a sandwich. Options can vary from a simple peanut butter to ham and cheese to a Philly cheesesteak. You want what you want. While most people can fudge the bread and opt for a different variety every now and again, the meats and cheeses of your sandwich are non-negotiable. You need that hand-shaved, deli-sliced honey turkey breast; the pre-packaged lunch meat just won’t do. So, get it custom from the deli counter. And while you’re there, pair a delicious, complementary cheese to enhance the taste and get the most sandwich for your money.
The details of your policy, the filling within the overall coverage, should be custom-fit to your needs and wants. Look at the different options for price, benefits, coverage, and exclusions. What are the annual premiums, and the premiums over time? What is the interest rate for borrowing? These questions and comparisons will lead you to looking at different company quotes and offers. Different providers, like different deli counters, offer different selections. Nova Scotia auto insurance companies suggest that you find an agent and a company that you are comfortable with and that you can trust. Your agent will help you find what you are looking for and find you deals, promotions and discounts that you might not have known about. Today, with so many online options, companies distinguish themselves through their customer service, so take advantage of their offerings and don’t be afraid to “demand” some personal attention. Or, if you don’t want to worry about finding an agent and you just want to quickly make that insurance sandwich, get the pre-packaged rates found online. This is a quick, inexpensive option that satisfies many customers. While looking at policies, be sure to bundle any of your other insurance policies together for a better price and taste. Not everyone needs multiple policies, but some people do. Whether it is boat, motorcycle, car, house, or even an airplane, bundle the policies together for your own particular taste and need.
The Lasting Effects
The whole point of eating a sandwich is to fill that craving and satisfy that hunger for a delicious meal. So what’s the point of eating it if it doesn’t fill you up? If you are starving, you’re going to make a whole sandwich (or maybe two), but not a half. A whole, quality sandwich is going to fill you up for more than just an hour—it will satisfy you until dinner time.
Just like a good, complete sandwich will fill you up and produce the lasting affects you need, a good insurance company will do the same. Do your homework and make sure the insurance company you choose is highly-rated. If it’s not, there is a chance that the company won’t be around later on to pay you the benefits that you signed up for and deserve. This is a long-term relationship, so make sure they will be there down the road and your policy will keep you full till dinner time—the payout.
Author Byline:
Georgiah Cook has a passion for finance and accounting, as well as education. This passion has driven her to become a prolific writer on subjects like personal growth and higher education. Georgiah also loves biking, hiking, and people-watching at the beach.
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