If you are responsible with your property and with your finances, you probably believe that you deserve lower insurance rates. The simple truth is you do. But just because you deserve lower insurance rates doesn’t mean your insurance company will offer them. The rates you are looking for are available; you just need to know the secret to getting them. Here’s how:
First and foremost: use an insurance broker to procure your insurance. An insurance broker is similar to an insurance agent, with one major difference. An insurance broker works for you, while an insurance agent works for one insurance company. Your insurance broker has expert knowledge of the practices and policies of many different insurance companies and will shop around for you to find the coverage you want and negotiate on your behalf for the lowest rates possible. That is the secret to lower insurance rates: using a professional broker with experience at finding and negotiating for the best policies at the best rates.
Insurance companies offer a wide range of discounts on insurance policies. These discounts reward customers that are responsible and that have shown loyalty to the company. An insurance broker is already familiar with these discounts and can advise you about eligibility requirements for them. But the next step, actually qualifying, is on you. Some discounts will reward responsibility, like good driver or alarm installation discounts, while others reward loyalty, like multi-policy discounts. Be sure to discuss discounts options with your broker, especially whenever anything in your life changes, such as a new job, new home, new car, etc.
The amount of your deductibles has a major impact on the cost of your insurance. The lower your deductible, e.g. a $250 deductible, the more your insurance will cost. If you can afford to set aside an emergency reserve fund to pay for a higher deductible, such as a $500 deductible, you can save potentially hundreds of dollars per year on rates. Your broker will help you fully understand your options and potential liabilities so you can make the best decision regarding your deductibles.
There is one last secret to obtaining lower insurance rates that is quite revolutionary. Historically, insurance companies could only judge safe driving by the number of tickets a driver received and the number of accidents a driver was involved in. But new telematics “black box” technology allows insurance companies to monitor your driving more comprehensively. This device is so valuable to insurance companies that some will offer you a discount just for installing it in your vehicle and may additionally offer save driving discounts of up to 25%. If you know that you are an excellent driver, discuss this option with your insurance broker to see if telematics can save you money.
The insurance experts at Mitchell & Whale Insurance Brokers would be pleased to help you save money. Feel free to give us a call at 1-800-731-2228 or email us at firstname.lastname@example.org.
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.