Friday, January 23, 2004

Georgians encouraged to get smart about insurance in 2004

When it comes to insurance, knowledge is your best policy. That’s why Insurance Commissioner John W. Oxendine and the National Association of Insurance Commissioners are encouraging consumers to get smart about their coverage during the third annual Get Smart About Insurance Week, Jan. 19-23.

Although most Americans (72 percent) feel they have about the right amount of insurance coverage, only 33 percent say they understand the details of the coverage “very well,” according to a recent survey by the NAIC.

During this special week, consumers are urged to contact Commissioner Oxendine’s Consumer Services Division at 1-800-656-2298, or 404-656-2070, to request a free brochure and get information on what they should expect from insurance coverage. They may also visit the Commissioner’s web site at www.gainsurance.org to take part in an interactive quiz that allows consumers to gauge their level of “insurance smarts.”

“Get Smart About Insurance Week isn’t about selling or canceling policies,” Oxendine said. “It’s about making sure you and your family are properly covered. We believe the Georgia Insurance Commissioner’s Office is your best resource for insurance-related questions and concerns.

“As demonstrated by the survey results, last year’s Get Smart About Insurance Week raised awareness among consumers and helped connect them with their agents and state insurance departments for information about their coverage,” Oxendine said. The 34 percent who understand their policy very well represents a rise of six percentage points from last year’s survey.

According to Commissioner Oxendine, there are several steps consumers can take to get smart about their insurance coverage.

“We recommend consumers know what kind of coverage they need before they shop around. Each individual consumer should watch out for his or her own best interests,” Oxendine added.

Other recommendations from his office include:

• Check with the Consumer Services Division of the office for free tips and up-to-date information prior to purchasing health, life, auto, home or other insurance coverage.

• Schedule a routine “check-up” with your insurance providers at least once a year.

• Inquire about the cost benefit of opting for higher deductibles; this may save a consumer money.

• Ask specifically about discounts for good driving records, good health, good grades, special education or training.

• Shop around for identical insurance products and services. Not every insurance company charges the same rate for the same product.  

• Remember an insurance policy is a legal document. Therefore, read it carefully.

• “The Georgia Insurance Commissioner’s Office is a terrific source of unbiased information,” Commissioner Oxendine said. “You may not have the coverage you need. You may have more than you need. You may feel that you’ve been treated unfairly when shopping for insurance, or you may just want help understanding how different kinds of insurance work. No matter what your situation is, we are there to help you get smart about insurance.”