If you ask them, most people will tell you that they feel like they pay too much for insurance – and statistics show that this is true: Americans actually give too much of their money to insurance companies, because they tend to carry too high amounts of insurance for their homes, business, cars and family security.
The paradox is that people who could not afford the costs of a repair or have no savings to cover an accident are those who pay the most premiums, to get lower deductibles. It sounds like a vicious circle: you pay more because you cannot afford a better solution.
Fortunately, there are ways to avoid this.
The goal should be to start making some regular savings that will eventually allow you to make some changes in the level of insurance you currently carry and reduce your premiums. Also, make sure you do not fall for emotionally persuasive insurance advertising, as many people do. Insurers spend huge amounts of money on advertising campaigns emphasizing catastrophic events, to persuade people in purchasing insurance.
It is good to have insurance and we would never suggest that you to have as little insurance coverage as possible, but to make a wise choice and avoid overpaying for too much insurance that you do not really need. Your best bet is to reach out to top rated reputable insurance companies like APCO to discuss what is most wise for your business and family.