When you already have an insurance policy, it’s easy to become complacent about what you have. You pay the premiums, you have coverage. But, if you don’t look around for better deals, you might find yourself paying more than you should for your policy. Whether it’s home, health or auto insurance, it’s a good idea to comparison shop every so often.
Have Your Coverage Needs Changed?
The first thing you need to do is determine whether or not your coverage needs have changed. If you’ve owned your home for a long time, it might be worth more now than when you bought it. However, your home may only be covered for the old value. That could be a serious problem later on should something happen.
Your coverage needs might also change when you have a car. As your car gets older, and loses value, you might not need as much coverage. Once your car loan is paid off, you might not be required to maintain the same level of coverage. You can save on auto insurance by reducing your coverage. Your health insurance needs might change as well, so it’s always a good idea to revisit your insurance policies to make sure it’s up to date.
If you need to change your coverage, it’s time to shop around. Don’t just accept what your current company offers for the change; look around and see whether or not you could benefit from switching companies.
Shop Around at Least Once a Year
Perform an audit of your insurance policies. Check your homeowner’s policy, and your auto policy. Find out what coverage you have, and then compare it to what is being offered elsewhere. Look into your health insurance coverage, and look at ways you can save on health care costs while maintaining the needed coverage (this can include switching to a high deductible plan and opening a HSA).
At least once a year, compare what you are paying to what other companies are offering. Make sure that you compare apples to apples. You might find that another company offers a lower price, while your current company has been slowly raising premiums every year. Shopping around regularly ensures that you receive the best deal possible.
Talk To Your Own Agent
Of course, just because you find a better price elsewhere doesn’t mean that you automatically abandon ship. If you are generally happy with your insurance company, you can approach your agent and ask about price matches. Give your insurance company the chance to keep you as a customer. Tell your insurance agent what you have found, and ask if there is anyway for the company to match the premium price.
Even if it isn’t an exact match, if the agent can lower your premium to keep you, it might be worth staying if you are very satisfied with the customer service that you receive. However, if the company just won’t budge and refuses to negotiate with you at all, it might be time to move on. You do want to stick with a company that values you as a customer.