45 Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s inflation so that your limits are too low to cover an accident without you being responsible for an outstanding balance. Inflation is heavily affecting insurance coverage limits, which are no longer adequate for rising prices in parts and labour. You may want to consider increasing your limits in case you do need repairs on your car or home. How is SmartFinancial utilising technology to help consumers adjust to inflation? You can still find an affordable insurance policy despite inflation if you compare rates and insurers. SmartFinancial takes away the legwork of comparing prices to help you find the most affordable policy available in your area. After users share their information one time, they are offered competing rates from the larger insurance companies all the way to the small local ones. Do consumers receive any negative consequences for switching insurances, such as financial penalties or other fees? Whether or not you’ll be fined with penalties and fees depends on a few factors. Different insurance companies have different policies. You may or may not get your policy prorated for the amount of time your policy was active. You may or may not get fined for cancelling, depending on the terms of your contract. The best time to switch is just before your renewal date to make sure you don’t get fined. Also, make sure to have an active policy before cancelling your old one so you have no gaps in coverage. How does SmartFinancial keep the human element in an industry and world, that is vastly increasing the presence of automated and chatbot solutions for customer service? SmartFinancial is built by people and powered by technology. We have call center concierges all across the country for people who would rather speak with a live agent for a free quote rather than filling out a questionnaire online. What is the one thing you wish everyone knew about insurance? Insurance is not meant to be used unless it’s a cost that would otherwise be a great financial burden. Use it when you can’t afford to pay out of pocket. As a rule of thumb, never file a claim for any repairs that are below or slightly over your deductible amount. It’s just not worth it. Several claims can lead to a higher insurance rate. “With inflation on the rise and so much uncertainty with the economy, budgeting and saving money is more important than ever.”
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