This week, I’ve been telling you about the importance of a yearly insurance check up, and how it can save you money on insurance, and improve your coverage.
In Step 3, I told you the secret to getting your insurance agent or insurance company to work hard to find you the best price they can offer: Tell your agent or insurance company, after they have reviewed your insurance policy, you are going to shop with other insurance companies, to see if you can get a better price.
Your insurance agent or company may once again take a look at your policy, and double check to see if there is anything they can do to get you a better price. If the agent or insurance company recommends lowering your coverage, make sure it is because you do not need the coverage.
Your agent or insurance company may think all you care about is price, and reduce something very important, like your auto insurance liability coverage, which protects you from owing people money for injuring people, or damaging their property in an auto accident, to get you a lower price.
Warning: Do not change or reduce coverage at this time. Only eliminate coverage you don’t need, per your insurance policy review. Step 4 involves you getting price quotes from other insurance companies, and you may save a significant amount of money by keeping the same coverage, but insuring with another insurance company.
You can always lower or remove coverage, after you have shopped for the best rate with other insurance companies, if you need to save more money. Reducing or removing coverage you need can be VERY COSTLY if you have a claim, and should be a last resort, when you can’t afford the insurance, and you have shopped around with other insurance companies, and done everything else you can to get a better price.
If your agent or company, can’t find any other way to get you a better price than reducing your coverage, while you are speaking to them during your insurance policy review, allow them to get back to you, in case they later realize a way to save you money.
I have had customers contact me, after finding a lower rate with another insurance company (and sometimes after they have started their coverage with another insurance company!), and tell me they will keep their insurance with me, if I can get them a better price. Sometimes I notice something right away, and sometimes I will think of something after I have had time to consider it.
Don’t put your agent on the spot and expect an instant solution to get you a lower price. If you like your agent or insurance company, give them every opportunity & some time to find a way to keep your business.
Once you are finished with your insurance policy review, and your agent or insurance company will get back to you, to confirm you are getting the best price they can offer, it is time to shop with all the major insurance companies, to see if you can get a lower price for the same or better coverage than you have now. Discounts save you money, but the best way to save A LOT of money, is to get insurance quotes from all the leading insurance companies.
For example, I shop my auto insurance every year, and some insurance companies want to charge me TWICE AS MUCH, OR MORE than the lower-priced quotes I receive. Every year, I find a better price with another insurance company, though I don’t always switch my insurance. If you are still uncertain if it is worth your time to shop for better rates each year, please read my 8 things every auto insurance buyer needs to know.
Here is the next & very important step:
Step Four: Use my list of reviews for leading insurance companies (Bookmark the Web page, or place it in your favorites to use next year, or any time you want to research auto insurance & home insurance companies), to find all the major insurance companies in your area, and get price quotes.
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Beware agents claiming to shop the market for you. These agents are independent agents, representing some insurance companies selling through independent agents, like Safeco, Metlife, & Travelers.
Independent agents can have advantages, and I prefer them if they have a competitive price for me, but they can’t shop the market for you. These independent agents can’t quote you some of the most important insurance companies, selling though their own agents, like State Farm, American Family insurance, or Farmers insurance, or insurance companies selling direct, like Amica, Geico, or USAA.
My Web site is the only place on the Web to find ALL the major insurance companies (If you think I missed one, let me know!) across the USA offering home & auto insurance, and provides you with their AM Best rating, JD Power customer satisfaction score, & complaint record.
Find all the important insurance companies on my Web site, and click on their ads to get price quotes, or use the Google search bar on my Web page to find their insurance company Web sites. Getting insurance quotes by clicking my ads costs you nothing, and helps support my Web site, and allows me to keep giving the public tips on how to save money on insurance, avoid expensive mistakes, and choose the right coverage.
When you get price quotes, make sure you match the insurance coverage as close as possible to the coverage you have now.
I recommend working through my list from the first company, to the last insurance company. Skip over insurance companies if you are not eligible (New Jersey Manufacturers, or USAA if you have no connection to the military) or insurance companies not offering coverage in your state. Some insurance companies will not insure you if you have a major moving violation, license suspension, less than 3 years driving experience, no insurance, or more than 1 ticket or accident. If you don’t qualify, just move on to the next insurance company.
Get prices, request quotes in writing, or e-mail, for the lower-priced insurance companies quoting you, then compare the price & coverage to the coverage you have now.
Tomorrow, I will show you the last step of the insurance check up, which will help you make the very important decision to stay with the insurance company you have now, or switch to another insurance company.
The Other Steps:
Many people make the mistake of never shopping with other auto & home insurance companies. If you shop with enough companies, you’ll find many insurance companies charge a lot more than other companies for the same coverage. But no company has low rates for everyone. You have to shop with all the leading companies, to find the company with the best coverage and best price for you.
Do you shop each year for better insurance rates? Why not? Tell me about it. Comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch. Read auto & home insurance company reviews for over 40 different companies, rating each company’s pricing, claims handling and customer service, at smartshopyourcarinsurance.com.