When Should I Shop For Insurance comparisons?

Your auto or home policy is coming up for renewal. It would be easiest to just pay your new premium and stay with your current insurance company.

Ultimately, this could be a costly mistake for you long term. You might just get a better deal by switching insurance companies. In fact, you could save anywhere from 5% to 50% per year by going with a new company. This is because every insurance company uses different information to determine rates (i.e. credit, geography, vehicle safety) and every company has different discount programs that could be of greater benefit to you long term.

So ultimately, when is the best time to look for new insurance rates. Here are some key times to explore the opportunity to see if you can save money:

• Moved to new address
• Purchased a new vehicle
• Policy coming up for renewal within next month or two
• Have an accident or ticket that is getting ready to fall off your record

When checking into new insurance options, it is very important to verify that you are getting the same amount of liability or better when looking at options. You never want to reduce your liability coverage to save premium, because this could have greater impact on you if you are ever in an accident.

I would also recommend that you consider several different insurance companies to ensure you are getting the best rate. If you do not have the time to call several companies for comparisons, you can always call an independent insurance agent and they can do the research for you. Independent insurance agents can shop around with multiple insurance carriers and find you the best rate.

If you can find a better rate, it is always best to go ahead and make the change as soon as possible to lock in your rates as most insurance quotes are only good for 30 days. You do not have to wait till your home or auto policy comes up for renewal. In fact, if you provide your current insurance carrier with proper notice, you can cancel your coverages at any time and be eligible for a refund of your unused premium for the remaining policy term.  

If you want a free insurance comparison or have further questions, please contact our office at 515-961-4545.