No one likes to pay for insurance so make sure you know about these ways to get lower insurance rates. The trick is to remain protected with the right amount of coverage at the right price.
Paying really low rates for insurance could leave you without adequate coverage for damage, theft or loss of property and having to pay the bill yourself. On the other hand, if you over-insure you’ll be paying for more insurance than you truly need. Discussing your situation with an insurance expert can help you figure out how much coverage you need according to your comfort with risk, your insurance history, and the assets you want to protect.
One of the simplest ways to lower your premiums is to accept a higher deductible. This means you pay more if you make a claim, such as the first $1,000 instead of the first $500, before the insurer covers some or the remainder of your loss. Ask for quotes using higher and lower deductibles so you can see the difference it makes in your rates and then decide if you are comfortable having a higher deductible.
While it is not always possible, if you can avoid making a claim this can help keep your rates lower as well as qualify you for additional discounts. Here are some of the ways to reduce the risk factors that can lead to claims:
When a loss occurs where the damage is more than your deductible, contact your insurance broker to find out what affect making a claim would have on your rates. In some cases you might decide to handle the situation on your own in order to keep your rates lower in the long-term.
It’s always a good idea to shop around to find the lowest insurance rates possible for the right coverage. Did you know an insurance broker will do the shopping for you? Unlike a bank or an agent who represent only one company, brokers represent many different insurance companies. Take advantage of an insurance broker who will shop for you saving you time and money.
For more tips to minimize your insurance costs without compromising on coverage call Mitchell & Whale Insurance Brokers at 1-800-731-2228 or email us at firstname.lastname@example.org. We’d be happy to answer any questions and provide no-obligation insurance quotes.
Want to add to this story? Let us know in comments below! Mitchell & Whale is a fast-growing insurance brokerage in Ontario, striving to make insurance _not suck_ one customer at a time. Give us a call today to discuss any of your insurance needs at 1.800.731.2228.