Insurance can often pose difficult conundrums:
It often feels (or is) to be a waste of money…but yet, when an expensive claim occurs that premium might suddenly feel (or be) a real bargain.
And no one can insure for everything…but how do you know when and where to self-insure???
As someone once said, “Insurance…can’t live with it…can’t live without it.”*
* Not actual quote
What about when your insurance rates go up? This raises even more conundrums and questions:
Is it time to “shop around”?
If it isn’t…then when is it time?
And is shopping around a good use of our time?
Those are great, and important questions.
Here are three tips that will help with some common conundrums:
Tip #1: Know your agent
A good insurance agent will help you in three ways:
- Help you understand why the rates are up. Perhaps everyone is taking rate increases. Or…is it only your carrier? And if so, why?
- Remind you why you chose your carrier. Sometimes (often) people choose a carrier who costs a little more…because that additional cost can mean better service when you most need it.
- They can quote you other carriers…if that is in your best interest.
Tip #2: Know your carrier
Knowing the history and reputation of your carrier can help you decide. Do they have a reputation for unreasonable rate increases? Are they an industry leader? Do they provide better claims service?
Often, knowing the answer to these questions will help you decide if shopping around is a good use of time.
Tip #3: Know your policy
This is critical…because a well-rounded policy will not only help you understand where your dollars are going, but offer you peace of mind as well.
Are there unnecessary coverages you can remove or reduce to save money?
Are there opportunities to better allocate your insurance budget dollars?
Is your policy up to date? Often situations change and the policy has not remained caught up and this can result in savings.