What You Need To Know About Insurance Premiums

Insurance Premium Misconceptions Debunked

As an insured individual, it is important that you understand your policy, especially your premium. There are so many misconceptions surrounding insurance premiums that must be debunked so that you can become informed and insured. Gathered are some important insurance premium facts that you must be informed of:

  • Despite popular belief, insurance premiums are not set in stone. They can be manipulated to meet the unique needs of the insured. Your premium will be dependent on a variety of factors, including but not limited to your coverage options, deductible, credit score, claims history, etc.
  • If you simply choose a cookie cutter insurance policy and fail to manipulate your premium in your favor, your insurance premiums can end up costing more than going uninsured.
  • It is important to realize that financial markets affect insurance premiums, so as the economy experiences ups and downs you can expect your premium to follow the same trends.
  • While you may think that you are getting a good deal with your company sponsored health insurance plan, it is important to realize that you are likely paying approximately fifty percent of your premiums. Next time you receive your paycheck, look at the itemized section to determine how much you are spending in health insurance costs.

Contact Pierce Insurance Group in McKinney for all of your Texas insurance needs.