Shopping Can Save Big on Auto Insurance!! At least that's what we always hear on insurance advertising... Is it really true? The answers is: It depends on your situation... Insurance carriers spend millions of dollars every year trying to get you to shop your policy. They do that because that is statically the most common reason why people shop. We as consumers pretend to care about the carrier we work with... (Don't get us wrong...We know there are good and bad carriers out there), but the primary reason people shop is due to rising costs on their insurance. So are rising costs personal? Did you do something wrong? The simple answer is most likely NO. You most likely didn't do anything to spark your rising rate. Carriers are constantly competing in the market trying to balance not only prices but also out bound costs. The result is a regular campaign by major brands trying to convince you that making a switch is in your best interest. With that said, is it really good to shop around? If so how often? And what should you look out for. Here are the top 3 items we suggest you to consider...
- How long has it been since you shopped? - If your answer is anything longer than 5 years, you are probably paying too much. Insurance companies like to see that a consumer is willing to do business with them at least for 3 years or more. If you have a proven history of loyalty with your current carrier, then that will most likely pay off for you when you go to apply again with another brand.
- When was your last ticket or accident? - If it's been at least 3 years since your most recent event, this means those issues in the past that were once causing you to have higher rates, might be losing their impact. Most carriers these days look between 3-5 years at your past history. If it's been that long or more you could be leaving money on the table.
- Do you have the right coverage? - This might be a harder question to answer unless you have an intricate knowledge of insurance law and coverage options in your area. What are your individual risk factors? Would considering different deductibles be worth your while? What if you have an accident with another party...? Are you covered the way you think you would be? If you aren't sure about these questions, you may want to shop with a local insurance agency that can help answer these questions for you. A knowledgeable agency can get you up to speed on the ins and outs of auto insurance but will most likely also have many carrier options at their disposal so they can help you find the best insurance rates. For our Indiana residents we hope you of course chooser Hoosier Insurance Group as a place to consider for your needs ;-). You can fill out your information on our website or give us a call at 317-536-2999.
Regardless of how you go about it, shopping is a must!