Tips When Shopping for Insurance
Insurance is a product you purchase to protect yourself from financial
disasters, and your needs for protection can change over time. It´s
important to understand the insurance policies you have and decide
if those coverages are still right for you. If you´re considering
buying insurance, here are some shopping tips to remember.
- Never be pressured into a decision. Never buy
at the first meeting and seek the advice of someone you trust.
- Compare carefully before you switch policies.
Before switching policies, compare benefits, premiums, limitations
and exclusions carefully.
- Find out about your agent and company. Call
TDI´s Consumer Help Line at 1-800-252-3439 to verify if
an agent or company is licensed to do business in Texas.
- You also can view a company
profile that includes information about the company's financial
status and complaint history.
- Never buy anything you do not understand. Ask
questions and take notes when talking to an agent. These could
help you later if there is a dispute over what you were told about
a policy.
- Answer all questions on the application accurately.
Omitting or falsifying information could cause the company to
deny your claims or cancel your policy.
- Read what you are asked to sign. Never sign
a blank application form.
- Do not pay cash or make a check out to an individual
agent. Make checks payable only to the insurance company
or insurance agency. Insist upon a receipt signed by the agent
on the company letterhead.
- Know your rights. Most health policies have
a "free-look period" which allows you to return your
policy within 10 to 30 days after receiving it to get your money
back.
For more information, contact: ConsumerProtection@tdi.state.tx.us
"Tips When Shopping for Insurance"
Texas Department of Insurance, October 24, 2006, (27 Jan. 2007)
http://www.tdi.state.tx.us
<http://www.tdi.state.tx.us/consumer/hicap/before.html>
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