Nobody should have to settle for “good enough”, especially when it comes to insurance. Even if you think your current plan is adequate and provides you with the necessary coverage at a great price, that shouldn’t keep you from checking out your options in the new year!
Insurance companies change things all the time. More likely than not, there is better coverage at a better rate out there. You just need to find it! But that can mean you have to do a lot of research, which is where an independent insurance agent can really come in handy. That’s why we recommend checking all of your insurance plans for better rates at the turn of each new calendar year.
Start with Insurance Agent
An independent agent is an ally you want to have on your side when you’re checking for new insurance rates. They have the industry knowledge of all the available providers and can let you know some changes that certain companies have made as well as if they will be good or bad for you in your unique situation. That is why, before you do any research into new plans, we always recommend that you start by talking to a trusted independent insurance agent so you can have someone on your side to do the hard work for you and keep your best interest in mind.
Some things to look for when trying to select the right agent for you are what providers they represent. Ideally, you should select an independent agent who represents you to all carriers, that way they can give their unbiased assessment of your coverage options. You should also ask your agent about their accessibility in case you ever have to report a claim as well as their services beyond coverage options to ensure they will continually be there for you as your needs change.
Look at Provider Options
Company loyalty is a good thing, but not always when it comes to insurance. Some providers, even if you have been with them for a long time, will still increase your insurance rates, especially if you have previously made a lot of claims or have been in an accident. That is why it is crucial that you look into a new insurance provider for both home, auto, and whatever else you need insured.
As the years go by, we also understand that lives change. Maybe last year you didn’t own a home or in the new year you plan to buy a boat. Many providers have plans to bundle your different insurances together to save you money. These cost savings are typically significant enough to switch providers!
Decide Between Plans
Choosing one plan over another will typically come down to the cost and coverage. While we never recommend sacrificing coverage, sometimes it will come down to this if a plan is significantly more expensive than another. Your insurance agent will be able to guide you and provide other options if the cost of your necessary coverage becomes an issue.
It is also important to look into the individual components of each plan. Some insurance plans may cover more than others, and while this may sound great, many people later find themselves paying for things they don’t need. If you foresee your needs changing in the near future, like if you’re planning to start a family or buy a new home, these are all things to consider when choosing a plan and seeing if future bundles of coverage will be an option for you later on.
It is always a good idea to assess your insurance options every year, or even every 6 months, to make sure you are getting the coverage you need at the best price. The insurance world changes so fast and new policy options are frequently becoming available. Talk to an independent insurance agent about the right options for your unique position and make sure you understand your coverage so you know how to use it if that time ever comes. Whatever 2021 may bring for you, make sure that you are properly insured with the right amount of coverage to protect you and your family.