Resolutions are made at the beginning of each year. One of those resolutions should be to call your insurance agent and complete a "Protect what you LOVE" review.
Discuss your level of insurance coverage and see if your policies are customized to protect your needs. Remember the policy is meant to protect YOU during a catastrophic loss. It is not a warranty policy.
Here is some ideas:
Shop your insurance with your agent
As an independent agency, we have learned prices differ from company to company, so it pays to shop around. If you qualify, get at least three quotes, from different insurance companies. Ask friends and relatives for their recommendations based on their experiences, and do your own due diligence by researching the company before committing. Don't be afraid to ask questions. Anyone you speak to should take the time to answer your questions in a language you understand. Not the "insurance lingo" we use as agents. If it does not make sense - ask again. Remember, you want to be comfortable with your agent & coverage if the worst happens and you need to make a claim. Make sure your agent helps you choose a carrier that is reputable, and that you're comfortable with the service you get!
Compare insurance costs before you buy a car
I wish my clients would take us up on this recommendation. It is heartbreaking when a customer calls the office excited about their new car and becoming disappointed with the monthly insurance cost. Auto insurance premiums are based "in part" on the car’s price, the cost to repair it, its overall safety record and the likelihood of theft. Carriers offer discounts for features that reduce the risk of theft or personal injuries, or safety features. When you're comparing new or used vehicles to purchase, research what each will cost to insure. CALL YOUR AGENT! Also, check the title out. WHY? If the vehicle has a reconstructed or salvage title, many of the carrier will NOT allow physical damage coverage. What is Physical Damage Coverage.....Collison and/or Comprehensive Coverage.
Raise your deductibles
Review your deductibles. Sometimes, a higher deductible can significantly lower your premium costs. Of course, be sure you have enough money set aside to pay for the higher deductible in the event you have a claim.
Reduce optional insurance
For example, if your older car is worth less than $2000, having collision and/or comprehensive coverage may not be cost effective. Go online and check the value of your car to see. Many sites allow you to research your car's worth for free on websites such as Kelley Blue Book, National Association of Auto Dealers (NADA), and TrueCar.
Bundle your insurance and/or stick with the same company
What??? Yes, if you purchase two or more types of insurance protection from the same insurance company you could qualify for one of the BIGGEST discounts available. Don't leave money on the table!!
Maintain a good credit history
Sigh, insurance carriers may use your credit information in their final pricing. Establish a solid credit history. Here is why the carriers do this: their research shows that people who effectively manage their credit make fewer claims. As simple as that! Don't forget to ask your agent to request a credit review with your carrier if your credit has improved throughout the years. Unless you ask, the carrier will not update your initial report. Your premium could see a reduction with an improved credit history.
Take advantage of low mileage discounts
Has your situation changed with COVID? It has impacted many of our customers. Many are working from home or retired. Check with your carrier to see if they offer discounts to motorists who drive less than the average number of miles per year. For example - Nationwide has introduced SMARTMILES. You ONLY pay for the miles you drive. This could equate to an annual savings of 30-50 percent!
Seek out other discounts
There are other discounts that your insurer may offer to policyholders. For example, some companies offer discounts if you are a member of an association, college alumni, good student, child away at school over 100 miles or if you are 55 and older and completed a defensive driving course. ASK!!
The key here is to ASK. And Remember - Protect what you LOVE!