We all need insurance, but what kind and how much can we afford? In this article, we’ll cover the three essential types of insurance that almost everyone needs to protect themselves, and how to find the lowest insurance quotes online. They are auto, health, and life. 

Get Health Insurance Quotes Get Life Insurance Quotes Get Auto Insurance Quotes

Let’s begin with health insurance.

Health Insurance

If you don’t have health insurance, you’ll need to shop for a policy. Before you try and get insurance quotes online, understand what you need.

Most people need major medical insurance. It covers the expenses associated with severe illness, accidents, or hospitalization. 

Here are the items to look for in an apples-to-apples comparison of a major medical policy.

  • Monthly premium – The amount you pay per month.
  • Deductible – The portion you must pay before the policy picks up the rest of the expenses.
  • Copayments and coinsurance – These are additional payments you make each time you get medical treatment.
  • Out-of-pocket maximum The most money you will spend on covered services in a year. 
  • Benefit limits – The maximum amount an insurance policy will pay per year and over the life of the policy. 
How to find the lowest health insurance quote online?

Four plan categories define the percentage of how your insurance carrier and you split the costs. For example, 60/40 means the insurance company pays 60%, and you pay 40%. 

The categories are:

  1. Bronze – 60/40
  2. Silver – 70/30
  3. Gold – 80/20
  4. Platinum – 90/10

One thing to keep in mind, signing up for a policy does not mean that you are covered. It may take weeks before you are covered under a health insurance policy, unlike auto or life insurance.

Provider Networks Make a Difference

The importance of Provider Networks when looking for a Health Insurance Policy

When searching for insurance quotes online, you need to understand that every insurer offers one or more of these types of providers.

  • Exclusive Provider Organization (EPO) – Except in an emergency, you must use doctors, specialists, or hospitals in the plan’s network.
  • Health Maintenance Organization (HMO) – Similar to an EPO, the HMO won’t cover out-of-network care unless it’s an emergency.
  • Point of Service (POS) – You are not limited to individual doctors, hospitals, and other health care providers, but you’ll pay less if they belong to the plan’s network. 
  • Preferred Provider Organization (PPO) – You pay less when you use providers in the plan’s network.

To learn the specifics about a health plan, take a look at the summary of benefits. They will be either on the website or in the policy.

How to Get an Insurance Quote Online for Health

Search for “health insurance,” and the comparison sites will pop up. Getting a quote is a three-step process:

Step 1 – Enter your zip code. Insurance companies must be approved to provide coverage in your state.

Step 2 – Complete a form with your personal information and health history.

Step 3 – Compare the plans.

To help you get the best insurance rates, find out your plan’s overall cost by adding up premiums, co-pays, deductibles, and any other out-of-pocket expenses you might incur.

Again, you should review the summary of benefits and coverage on each plan’s website. 

A New Approach to Saving on Health Insurance

A new type of insurance policy is now available that customizes affordable coverage to a person’s needs. 

Sidecar Health lets you shop and compare prices of doctors and other medical services. If the doctor or other provider charges more than the plan, you pay the difference. If they charge less, you get to keep it.

Life Insurance

How to look for the lowest rates online for Life Insurance policies

The purpose of any life insurance policy is to replace an income if the breadwinner dies. The more dependents a person has and the younger they are, the more insurance they should carry.

When you search for insurance quotes online, the rule of thumb is 6 to 10 times your annual salary. Typically, a 15 to 20-year policy between $250,000–$400,000 is a safe plan for a family with young children. 

Two Categories of Life Insurance

The 2 types of life insurance are term and whole. Term gives you the lowest insurance rates and the most insurance per dollar.

Whole or Universal life insurance attaches a cash value amount that works like savings or an investment account. 

How to Get an Insurance Quote Online for Life

Company sites and third-party sites can help you compare quotes for the best insurance rates. 

Auto Insurance

It’s mandatory to have automobile coverage in every state. Check with your state insurance department or DMV website for the minimum coverage. This guide, the 2020 Minimum Car Insurance Requirements by State, will help you.

Types of Auto Insurance and how to get the lowest rates

Types of Auto Insurance

There are three types of automobile coverage.

  1. Liability insurance pays if you or your car cause damage, whether it is injury, death, or property destruction.
  2. Collision coverage is best for newer vehicles because it pays for repairs to your automobile if you hit another car or object. It also pays for parking lot damage if you can’t find who did it.
  3. Comprehensive insurance pays for any claimed damage to your car caused by something besides a collision, such as a fire, weather-related damage, or if you hit an animal. It also covers against theft.

Full coverage auto insurance is a policy with all three bundled together. It gives you the best protection and peace of mind, especially for newer cars.

Get the Lowest Insurance Rates for Auto

There are four quick steps to getting an online insurance quote.

  1. Gather the current auto policy and all the driver’s licenses of the drivers in the household.
  2. Compare multiple companies’ options side by side.
  3. Check that the coverage limits are equal before you compare.
  4. Adjust the policy details to your needs and budget before choosing. 

If you still have questions, the Consumer Reports Car Insurance Buying Guide can help.

For the Best Insurance Rates, Search Online

Getting insurance quotes online is the best way to start your search. Bear in mind that no insurance company can be the cheapest for everyone, and the most affordable policy is not always the best policy for you. When comparing an online insurance quote, be sure that all the options are the same. 

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