In these days of economic uncertainty, how much the average American consumer must pay for basic insurance to protect family, home and property has become a major issue. You might be overpaying your insurance by hundreds, even thousands of dollars per year. However, depending upon your needs, the cost of premiums may be less important than the quality of service your insurance company provides, its timely response to claims, and financial reliability that it will not disappear when you need it the most.
Doing research and shopping around online for the best insurance rates may not be the most exciting tasks you’ve ever taken on, and it will certainly be a time commitment, but ultimately it could save you a great deal of money. But as you shop around, don’t just stop with the information you got online, ask trusted friends and relatives for referrals, look in the Yellow Pages, or call or go online to your state’s insurance department, where typical rates charged by major insurers should be published. Many states also provide consumer complaints by company.
The insurance provider you ultimately choose should offer a fair price and deliver quick, quality service at a time when you might need assistance in filing a claim. Ask potential providers what they would do to lower your costs. If you happen to find a better policy than the one you currently own, make sure your new policy is in effect before you discharge the old one. You can save several hundred dollars per year on homeowner or auto insurance if you purchase from a licensed, low-priced insurance company.
Whenever you can, use the same insurance provider to buy your auto and home insurance policies and then stay with them as long as you can. If you’re able to keep your coverage with the same company for several years, you might be eligible to receive special discounts if you have the status of long-term policyholder. Some insurance companies will reduce their premiums by 10 percent if you remain a policyholder for six years or more.
Also, research group coverage, especially through your employer benefits. If there is a group insurance program through your place of employment, check to see if homeowners insurance or auto policy is a better deal that what you already own or can find elsewhere. You may also be entitled to discounted home and auto insurance through professional, alumni and association business groups.
Ask your agent or company representative about any discounts that may be available to you. For example, if you are at least 55 years old and have retired, you may qualify for insurance policy discounts of up to ten percent through some insurance companies. Retired people tend to stay at home more than younger working people, therefore they have more time for maintaining their homes and are less likely to be burglarized or for accidental fires to start that cannot be controlled.
