Insurance for Millennials

Top 5 Insurance Tips for Millennials

Millenials are at the age where they may be thinking about getting insurance for the first apartment or car. For others, they may be buying a house or starting to raise a family. As Millennials continue to get older, it’s important that they are prepared for the world ahead. Insurance can appear daunting, but it doesn’t need to be. For Millennials at any age, these insurance tips are there to help.

Shop Around

One of the easiest, and useful, tips is to shop around for your insurance. Do your homework and check out what different insurers have to offer. Every policy can differ, so it’s important to look around at various options. You may find that a policy or package from one insurance company suits your life better than others. By shopping around you can also get a better idea of cost, discounts, and other offerings.

Ask About Discounts

While your shopping around, ask about potential discounts. Discounts can vary, but some common ones include:

  • Multiple policy or bundles
  • Multi vehicle
  • Anti-theft
  • Safety features
  • Good Driver
  • Paid in full
  • Military discount
  • Low mileage
  • Good student
  • Discounts for certain groups
  • Alarm systems (for auto or home)
  • And more!

While you may initially think that insurance discounts only apply to car insurance, as they appear to be the most prevalent, there are discounts for many different types! When you are looking around for insurance, be sure to ask your agent about it! You may find that there are discounts you didn’t know you qualified for.

Watch Out For Gaps

For certain types of insurance, like auto insurance, there are state mandated minimums. However, opting for the barebones minimum can often leave you with gaps in your coverage. While it could seem like a good way to save money, getting skimpy insurance coverage or ones with a high deductible could be problematic in the future. Insurance is there for when things go wrong, and accidents happen. Unfortunately, you can’t predict when or what that might be, so make sure that your coverage is there to help protect you when it does.

Take a Home Inventory

For Millennials, having an inventory of your things is an easy way to help protect your things. Whether you have home insurance, renter’s insurance, or condo insurance, it’s important to know the value of your belongings. Use photos or videos to document purchases and keep a copy of the receipt for higher value items. Unexpected things happen all the time but having proof of your things can help you protect them. Once you have an inventory, keep it somewhere safe where you can access it if peril strikes.

Talk to An Agent

Work with an agent to find the right coverage for you. They have experience in the field to help you get insurance that works with your life. They are also there to help address any of your questions and concerns. Navigating insurance can be an intimidating experience, but your agent is there to help you out!

If you have any questions or concerns about insurance, talk to an Encharter agent! We’re here to help. 888.754.8299

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