When you do what we do for as long as we’ve done it (which is over thirty years), it’s easy to forget that our clients don’t already know all the tips and tricks that have become second nature to us. Insurance is a world that’s heavy in legal jargon and fine print. It can be confusing and overwhelming, especially if you’re new to it. That’s why, today, we’re going to go through four insurance secrets that you’ve probably never heard of before. Keep these in mind as you’re shopping for your insurance policy to get a dynamite plan for a great price.
1. There Are Tons of Ways to Save Money on Your Payments
Insurance companies have all kinds of special incentives set up, and many of them aren’t advertised, which means you’ll need to specifically ask your insurance brokers to look into them. For example, if you’re considering a new automotive insurance plan, the provider might provide a discount for vehicles that aren’t used often or drivers that fall into the “low-risk” category. You might also be able to save by bundling different types of insurance together (you can frequently find this with home and auto insurance), offering you more coverage for way less than it would cost to get both separately.
The point is that you don’t know until you ask. So ask. Chances are good you’ll save yourself a few hundred dollars just by exploring your options. Pretty good pay for a few hours’ work, wouldn’t you say?
2. Fast Settlements Aren’t Always the Best Settlement
Many clients are anxious to get their cases settled as fast as possible, so they can move on with their usual routines or use the settlement money to replace what was damaged. However, racing through a settlement doesn’t always guarantee that you’ll get the best value. Before you begin settlement claims, make sure that you have every possible answer that you might be asked. Take the time and compile all the relevant documents, and make sure you can clearly outline when and where each document was used or became relevant to the claim.
The reason it’s important to take this step is the more facts you have on your side, the better chance you have of not only making a successful claim but also getting the best settlement possible. When in doubt, ask your insurance brokers. They’ll be able to tell you what information you should have, and they can help you navigate the procedures of a specific insurance company.
3. If Discounts Don’t Currently Apply, Make Yourself Eligible
We can’t count the number of times we’ve pointed out a potential discount, only for a client to sigh and go, “Sure, but I don’t qualify for that.” Sometimes, meeting criteria is as easy as performing an upgrade that was already on your to-do list. Let’s say that you’re looking at a home insurance policy. You’re eligible for a discount if you have an alarm system installed, but currently, your home doesn’t have one. For the cost of that single investment now, you could save thousands of dollars over the next few years – so why not do it?
There are tons of little incentives like those sprinkled throughout insurance policies. If you and your insurance brokers stumble across one, don’t automatically disqualify yourself. Instead, seek them out. Look for every possible way that you could save money or add more coverage for minimal cost. You’ll enjoy the security of your new alarm system, and you’ll save thousands of dollars that you can use for other home projects. It’s a win-win.
4. Just Say No to Auto-Renewal
Is auto-renewal convenient? Sure, and perhaps that convenience is worth the cost to you. However, coming in to re-evaluate your insurance policy gives you the opportunity to look at what changes your insurance company has made over the past year – and there are usually quite a few. You and your insurance brokers may be able to improve your coverage, reduce your monthly payments, or may be able to find a new, better package altogether. Either way, it’s well worth your time to commit to an appointment every year to find the best deal for the best price.
Barrie and Orillia’s Insurance Brokers
At Will Marshall Insurance Brokers, we’ve been serving Simcoe County for over thirty years, which means we know local insurance companies and policies like the back of our hands. We put together insurance plans to match your unique requirements and protect your property, including farms, commercial businesses, personal homes, and even recreational vehicles. We’re also committed to working on your behalf. Our goal is to make sure that you’re protected, so when you come in for your consultation, we’re happy to share our expertise and answer any questions you may have.
For more information on our insurance brokers or the insurance options we provide (including home, business, and automotive insurance), give us a call at (705) 726-2551. Alternatively, you can also contact us online, and we’ll get back to you shortly.