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Step 1
Find several reputable insurance carriers. Visit the websites of several insurance carriers or ask your bank, friends, work associates and acquaintances to recommend insurance carriers. Word-of-mouth is the best way to find a reputable agency.
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Step 2
Analyze and compare the coverage that each insurance company offers. Some companies offer extensive coverage and different plans, find out which one would suit you. For example, if you are in a flood zone, you will want to ensure that your insurance carrier will cover flood damage.
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Step 3
Analyze and compare prices. If the products are similar, find out which company offers the best price. Remember that cheaper is not always better when it comes to insurance. Sometimes, it is good to pay a little extra for better service, better response times and better products.
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Step 4
Analyze and compare deductibles. There maybe some insurance carriers that offer monthly premiums lesser than most companies do, but have higher deductibles. So, put this into consideration when shopping for insurance.
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Step 5
Narrow down your list to the top three or four insurance carriers from your comparison list.
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Step 6
Make an appointment with each insurance carrier on your top list to discuss the insurance coverage, pricing, deductible and other benefits. Prepare your questions prior to talking to the agents. You can have them come to your place or you can meet them in their office.
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Step 7
Get some customer references from the agency that you can call and check. You may also get the opinion of your family and friends. Some of them may have had experiences, good or bad, from the insurance carriers you are considering. Their feedbacks would be helpful for you to make an educated choice. A good insurance company should have a good reputation by providing unparalleled service.
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Step 8
Check the Better Business Bureau. Find out if the insurance carrier has a bad reputation or outstanding complaints.
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Step 9
Make your choice. After doing all your homework and you are satisfied with your findings, make your final decision and choose the best from your final list. Then, call the insurance carrier to get the process going.
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Step 10
Fill out the application forms completely and accurately. Fulfill the requirements needed, for example, you may be asked to undergo a blood or physical test for your life insurance. You may also be asked to give some form of identification or proof of birth and residency. If you are trying to buy auto insurance, you would need a valid driver’s license.
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Step 11
Name your beneficiaries and give the breakdown in percentage on how much each will get from the insurance.
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Step 12
Sign your documents.
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Step 13
Keep your copy in a safe place. You can get a fire-proof safe or a safety deposit box to keep and protect your copy of your insurance policy. Tell your family, trusted friend or a lawyer where it is located.
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Step 14
Pay the premium. This can be done monthly, semi-monthly, annually or semi-annually. You can pay via direct electronic payment, mailing a check, pay by cash by going to the insurance carrier's office, cashier's check, official check or money order. Make sure to make the payment on time so that the policy will not get canceled due to non-payment. Setting up an automatic payment through your bank account will ensure that you are always on time.
