Take it from me, a lot of people are spending way to much for their Home and Auto Insurance! There are a lot of things you can do to make sure you're getting the most bang for your buck! Utilizing the tricks in this article can save you a bundel on your insurance.
Bundeling:
Speaking of bundles, Insurance companies love bundles! They know that if you are bundled with them there is virtually a 0% chance that you will move to another carrier. The client thinks that they are getting a huge discount for having things bundled, but that misconception might be costing you more than a bundle. I've seen a home and auto bundel discount that was only $4per year. It's ok to pay $50 more for one policy to save $800+ on another.
Question: If the discount for bundling with Company A was 20% of $2,000, and Companies B & C charge a total of $1000 for the same services how much are you saving with Company A's discount? The answer is nothing; infact you are paying $600 more per year with Company A.
It is possible to save money by bundling, but make sure you do our next topic before you do.
Shopping around:
This is probably the most important thing you can do to save money on your insurance! Many agents are what's called "Captive" and only sell 1 policy for 1 coverage. As I mentioned in a previous article they are easy to spot they will have this Company's name all over their walls. With captive agents you will have to do the leg work your self by requesting quotes from multiple agents. There are also Insurance Brokers that can shop multiple companies at once with a comparative rating system. This is the easiest way to shop multiple carriers at once. I recommend you check with 1 or 2 Captive Agents and a Broker like 1st Cannon that will search 20+ companies at once for the best rates.
Don't Be Afraid, but be Comfortable:
I guarantee that you've never heard of some of the most competitive Insurance Companies in the industry, but that is not a bad thing. Some companies don't advertise as much as others to pass the savings on to the client. In order to do business in PA, Insurance Companies have to pass a rigorous review of company assets, practices, and policies by the PA State Insurance Board before becoming an admitted insurer. The PA State Insurance Board protects PA consumers, and regulates the insurance industry in PA as a whole. Not in PA, don't worry each State has their own Insurance Board that performes the same duties.
But, you should be comfortable with the company you decide to work with. If you are unsure of a company do your due diligence and research the them; keeping in mind that for every unhappy customer who writes a negative review there are probably 500 happy customers that didn't. This happened to me personally when I was younger, and working with an independent Broker; like I my self now am. The company with the best rate for me at that time was a little known company out of the south that I had never heard of. And yes, I did have a claim with that company. They hired an independent adjuster to go to the shop where my car was being repaired the same day, and I had my car back as soon as the repairs were completed with out problem!
Your Broker would not recomend a company that they were not confident in, but if you still have reservations your broker will gladly recommend a company that you are more familiar with. Don't forget you are the boss, and you have the final say on who you work with!
We hope you found our article enjoyable and educational. Our average client saves $450+ per year, and we've have clients that have saved over $1000+ per year. If you would like to learn how much you can save call (833)Cannon4u, that's 1(833)226-6664.