I recently had the pleasure of meeting a really nice insurance agent at a scholarship banquet. I really thought I was getting a good deal on insurance. ( I had Geico who claims to be the cheapest!) As it turns out, I wasn’t getting the best deal out there. For apples to apples coverage, I am going to save $374.00 per year on my homeowners and auto insurance.
So even though it wasn’t time for my policies to expire, I decided to make a switch. Here are a couple things I would suggest when shopping for insurance:
1. Make sure you are comparing the same coverages. Don’t be fooled with lower prices that are offering less coverage.
2. Make sure you do not carry excess coverage. I recently discovered that my homeowners policy had more replacement costs than necessary on my house, thus driving the cost of the policy up.
3. Check out your deductible. Sometimes changing from a $250 to $500 deductible can save quite a bit of money. A quick call to your agent might save you big dollars.
4. Don’t add bells and whistles you don’t need. Some agents add on all sorts of extras that you really don’t need. Check your policy to make sure you aren’t paying for extras you don’t know about.
5. If you are in PA, check out the limited vs. full tort option – This option can cost you a significant amount more. You may want to fully understand the limited vs. full tort option in PA to determine if you really want to carry this coverage.
6. Call another agent just to get a quote. I know many of us are loyal, but loyalty doesn’t always get you a great price. Sometimes, just calling around may prompt your agent to give you a better deal.
As a side note, the nice guy I met at the banquet was named Greg Kneis. If you are local, you can check him out here.
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We recently change car insurance agencies when our company of 15+ yrs kept going up in price and wouldn’t do anything about it. We saved some money and got better coverage with a national company.
Do make sure you have enough coverage. Because we have a decent amount of equity in our home, the agent we talked to recommended more in liability/medical coverage so there’s no chance anyone can come after us for our equity and savings… something to think about.
Suz,
Yep you do want to make sure you have enough coverage. We actually have the max amount sold in the state of PA, so we are in great shape, but to get the same exact coverage it was less money. Each state is different with what it will allow, but if you get an apples to apples quote from another agent, don’t be afraid to switch to another reputable company. Most insurance agents don’t think of their covered people as customers. Some industries jump through hoops to keep you, I find this industry is not one of them.