Many people think that getting an insurance quote is so easy that it only takes one phone call, five minutes of time and the quote is ready. In reality, it takes more than five minutes and lots of questions given to you by the insurance agent. A good agent will question you to find out you unique situation and will create a custom quote just for you. So be ready to answer personal information questions before you call for a quote.
Here are five questions that insurance agent asks before it gives you a quote.
1. Name of the person who owns the property and will be listed on the policy as named insured. It is very important to give the agent the legal name of the insured, as it appears on your identification card, so if a claim occurs, the check will be written to the right person. If name changes appear in the future, after the policy is already issued, the name change needs to be reflected and updated on the policy. If you have a mortgagee or loan holder, it should be listed as additional insured. If lien holder changes, insurance company needs to be notified about the change.
2. Date of birth of the insured to be listed on the policy. Many insurance companies give a discount to individuals over 50 years old. If you have very common name, date of birth will identify you among other individuals with the same name. You would not want to have the responsibility of the other person’s claims, would you?
3. Social Security Number is important determining the policy premium. Insurance companies like high credit scores, as it shows you being on time paying your bills. Before you call for a quote, look up your or your spouse’s credit score. Ask the agent to put the name of the person with highest score first on the policy.
4. Employment status guaranties the insured has enough of income to pay for the insurance policy. Some insurance companies like employed individuals holding high positions in the company, or specific occupations more favorable. Again, it shows the insurance company that the insured will be capable of paying the bills on time.
5. Education is important factor with some insurance companies. Education mostly influences auto insurance premiums. Insurance companies think that more educated individuals are less inclined to have a claim and are more responsible, so the company will face fewer losses.