Frequently Asked Questions (FAQ) - Insurance Services
Discover answers to your questions about insurance services, coverage options, and more in our extensive FAQ. Get the information you need to make well-informed decisions about your insurance requirements.
What is Insurance?
Insurance is a financial arrangement in which an individual or organization pays a premium to an insurance company in exchange for protection against specific risks. In the event of a covered loss or damage, the insurance company provides compensation or coverage, helping to mitigate financial losses.
What is a Deductible?
A deductible is the amount of money that an insured person or business is required to pay out of pocket before their insurance policy starts covering the remaining costs. For example, if you have a $500 deductible on your auto insurance and you make a claim for $2,000 in damages, you will pay the first $500, and the insurance company will cover the remaining $1,500.
What is a Premium?
A premium is the amount of money an individual or business pays to an insurance company in exchange for the insurance coverage provided by a policy. Premiums can be paid on a regular basis, such as monthly or annually, and the cost of the premium depends on factors like the type of coverage, the policyholder's risk factors, and the insurance company's rates. The premium is the price you pay to maintain your insurance policy and keep your coverage active.
How can I save on my insurance premiums?
Steve can help you explore various options to save on your premiums, such as bundling policies, raising deductibles, and identifying available discounts.
How do I file a claim with my insurance policy?
Filing a claim with your insurance policy typically involves contacting your insurance provider to report the incident or loss that requires coverage. The process may vary depending on the type of insurance and the specific circumstances. Steve Insures NY can guide you through the claim process and provide the necessary assistance to ensure your claim is processed smoothly.
Can I adjust my coverage during the policy term?
Yes, you can often adjust your coverage during the policy term to better suit your changing needs. Steve can assist with policy adjustments, whether you need to increase or decrease coverage levels.
Have any questions?
Frequently Asked Questions
Common Queries and Expert Answers
What should I do if I'm involved in an accident or experience a loss?
In the event of an accident or loss, your first step should be to ensure the safety of all involved parties. Then, report the incident to the appropriate authorities and contact your insurance provider to initiate the claims process. Steve can provide guidance on how to handle claims efficiently.
Are there discounts available for policyholders?
Many insurance policies offer various discounts to policyholders. These discounts can be based on factors like safe driving records, multiple policy bundling, safety features in your home or vehicle, and more. Steve can help you identify and apply for relevant discounts.
Can I contact Steve for insurance advice even if I'm not a client yet?
Absolutely! Steve is available to provide advice and guidance, whether you're an existing client or just seeking information about insurance options.