Tips For Getting The Best Rates As You Consider Renewing Your Insurance Policies Or Switching Agencies

Posted on: 12 January 2022

Are you not satisfied with your current insurance coverage or the rate you are paying? If so, you might be looking into changing policies or switching which insurance agency you use for your coverage. To that end, here are some tips to keep in mind if you want to ensure you can get the best rate or coverage possible going forward.

Contact Your Current Provider When Renewal Is Coming Up

When considering switching policies or insurance providers altogether, the best time frame to make a move may be when one or more of your policies are approaching a renewal date. Insurance providers or agencies will want to do what they can to get you locked into another year of coverage. Many policies will automatically renew at some point close to the renewal date, so know when this date is and make sure you call in before the renewal takes place. Letting the insurance agent or representative know that you are looking around may get you better terms or a lower rate for your renewal.

Get Multiple Policies From the Same Insurance Agency to Maximize Your Discounts

Beyond negotiating with your agent when it's time for renewal, another way to get a bigger discount may be to bring more than one policy under the same umbrella. If you currently have auto coverage and renter's insurance but the polices are with two different agencies or companies, call both companies and see what kind of discount each will give you if you decide to get the type of policy you currently don't have at that agency. Many insurance providers offer discounts for holding more than one type of policy with them. Let them know you are calling their competition and shopping around to possibly get an even better rate.

Compare Policies From Different Companies But Look at the Intangibles As Well

You are likely shopping around or considering other agencies because you want a lower rate. But don't forget to look beyond that as well. For example, how available is your current insurance agent when you need them? Did they call you back in a timely fashion in the past if you reached out with a question or concern? How did the claims process go in the past if you actually needed to use it? Keep these intangibles or other concerns beyond price in mind in order to make sure you are getting not just the cheapest price but the best overall experience with your insurance coverage going forward.

Contact a local insurance agency to learn more.