By Alex Glenn
Almost all car owners have to fit auto insurance into their budget — and it’s a tighter squeeze than most prefer. So when you stumble upon a dirt-cheap car insurance quote, you might feel like pinching yourself. But can getting “an amazing deal” actually be risky?
“TV ads sell consumers a bill of goods,” says Chris Boggs, vice president of education at the Academy of Insurance, an online training center. “They’re convincing (people) it’s all about price.” But that dream deal could bring unwanted financial consequences.
Watch for fraud
For consumers chasing cheap car insurance, one of the worst-case scenarios is running into unscrupulous or fraudulent agents. Some so-called agents are simply skilled swindlers. They use real insurance company names, present realistic documents and even send proof-of-insurance cards. It’s not until you try making a claim that you realize you weren’t holding a real policy.
Be wary of “agents” who are aggressively pursuing you, says Bob Hunter, insurance director for the Consumer Federation of America. If you’re suspicious about whether an agent is legit, Hunter recommends checking your state department of insurance to verify that the person is a licensed agent.
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