Shopping Insurance: Are You Getting the Best Deal?
Last Updated
January 19, 2021
Written By
Sarah Reimer
When it comes to shopping for material items, like groceries, clothes, décor and cars, we always try to find the best deal. However, when it comes to insurance, this doesn’t seem to be the case for most of us. Why is that? A common mistake many of us make is assuming that just because we’ve been loyal to one provider for a long time, they’re going to give us the best deal. This, unfortunately, is not always the case. When you switch to a new provider, you’re eligible for current promotions and discounts that they may be offering! Before you switch, make sure you do some research. Here are 3 things to consider before you make the switch!
1. What are you paying for?
Review your current coverage and see what exactly you’re paying and for what. Determine what your state’s minimum insurance requirements are – Are you paying for extra coverage that you don’t need? Start with the minimum and see if there’s additional coverage that you’d like to add. Once you determine this, you’ll want to get some quotes and compare prices. Don’t be afraid to ask for a few! Insurance providers are always happy to provide quotes if it means getting new customers.
2. Review your Driving Record
Do you have any outstanding tickets or points on your driver’s license? These things could make your premium go up. Depending on the ticket or incident, these can take 3-5 years to fall off your driving record – make sure that you monitor this so that you can get a rate reduction when it does. Providers won’t necessarily adjust your rate automatically when an incident falls off. When the time comes, review with your provider and see if you can negotiate a lower rate and request some more quotes!
3. Do you qualify for discounts?
Do you have your auto insurance and homeowner’s insurance separate? Almost all insurance providers will offer discounts when you bundle your insurance together. Ask your provider to see what you could save by doing this!
Some providers offer discounts for setting up automatic payments as well! Plus, once you set this up, you’ll have fewer bills to worry about paying every month.
Author
Sarah has worked with Family First for the past two years – in her previous position she was a financial service representative and certified financial counselor. As the Branding and PR Specialist for Family First, Sarah manages social media helps coordinate new programs, promotions, and community outreach for the credit union. Her goal is to help show people the value of being a member at a credit union and share all that Family First has to offer. Sarah holds in-depth customer service experience and graduated with her BFA in Graphic Design from Fredonia in 2018.
