Do you think that you are paying too much for your home or auto insurance policies? If so, it may be a good idea to shop around for a better rate. In most cases, you can cancel your current policy and buy a new one that takes effect immediately. This allows you to get coverage at the best possible rate without letting your protection lapse.
How Often Should You Rate Shop?
As a practical matter, you may want to set aside one day a year to review your insurance policies and the premiums that you pay. You should look over your monthly premium, your deductible and any other fees that you pay. From there, you can talk to your mortgage broker to determine how much you would pay if you increased your deductible or bundled all of your policies together.
You Don’t Have to Change Insurance Providers
Just because you change your policy doesn’t mean that you have to change insurance providers. In some cases, you current company may be willing to waive a fee or add a discount to lower your premium. To determine if your current provider will give you the best rate, you can call your agent to see what he or she can do for you, or talk to a broker.
You Can Change Policies Whenever You Want
It is important to know that you can change insurance policies whenever you want. As long as the new policy that you buy takes effect before your current policy expires, you will experience no loss of coverage. If you decide to buy a new policy over the phone or in person with your agent, you can manually select the date and time at which you want the policy to take effect. You will then be given temporary insurance cards that are good until your permanent ones arrive in the mail or you get a chance to download them.
Nobody likes to pay for insurance. However, having a good policy is a lot better than having no protection at all. If you get into an accident, get sick or find that you can no longer work, your policy will provide financial protection that can prevent you from losing your house, your savings or your business.
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