Insurance Services: Post-Purchase Policy Changes To Your Insurance

Have you ever purchased an insurance policy and then realized that you forgot to add coverage for something related? Maybe you did not add enough coverage? It happens to everyone at least once, but you need to realize that you are not stuck in this situation. Many insurance companies provide "honeymoon periods" for new policy holders, which allow you to make changes to your policy without penalties. For these types of insurance services, here is what you can change, if you need to.

Increase Your Coverage

If you want and need to increase your coverage after you have purchased your policy, that is the most common change people make. Sometimes people just do not sign up for enough coverage from the start, do not understand what their coverage covers, or think that they have purchased a policy from the online site only to find out that the policy is not what they thought they purchased. To change your coverage percentages/levels, you only have to phone the insurance company and ask to increase your coverage. Usually, if you catch the mistake within the first week or two after you have purchased your policy, the documents have not gone to the underwriter yet and adjustments are quick and simple.

Extend Your Coverage to Cover Something Extra

This happens a lot with auto insurance. You buy a policy to cover your vehicle and then your spouse asks to cover his/her vehicle or add your teen driver's coverage to your plan. So then you have to make changes to your policy to extend coverage to one or more extra people and vehicles. This type of addition is also rather simple, since the extra coverage is like an addendum to your current policy.

Change Your Deductible Amount

Choosing a lower deductible means you select a policy with higher monthly payments. Conversely, selecting a policy with lower monthly payments means that you will have a higher deductible. If you purchase a policy with a lower deductible and higher payments, and then find yourself in a financially difficult position, the insurance company may be willing to help you switch to a lower monthly payment/ higher deductible plan. The plan you currently have does not change beyond the types and amounts of coverage you have--only the amounts you pay each month and when you file a claim change. If you have your policy rewritten to reflect these changes, you may also simultaneously rewrite other parts of your plan to save time and money.

For more information, contact an insurance company like Sunset Insurance Agency.