It’s surprising to see how few people try to actually shop for insurance. Many may assume that there are no real differences between providers, and if there is, the savings would be modest. But in reality, how and where you buy your insurance can make a huge difference on how much you pay at the end of the year. This is why you should give your current policy a good look and check if you might be able to reduce our premiums. Here are 4 questions that will help you find out if you’re overpaying for insurance.
Did You Buy Your Insurance Through a Broker?
While going through car insurance brokers for insurance can get you savings, they are not necessarily always the best option. Quotezone explains some of the pros and cons of car insurance brokers and when they’re the best option. They also explain how they’re able to make savings, but also suggest other options like using a comparison site. In short, the relationship the broker has with providers will determine the deals you’ll have access to, and in some cases, you could get something better through a comparison service.
Are You Loyal to Your Insurance Company?
If you think insurance providers will automatically reward you for staying loyal to their service, think again. They will be much more likely to work harder to get new clients than keep their current ones, so you might want to switch if you’ve been with a provider for a long time. Some suggest that you switch every 2 to 3 years to make sure you’re not overpaying.
Are You Paying for Things You Don’t Need?
Some people will assume that getting full insurance is always the best option, but it’s not really the case. If your vehicle is getting older, the amount of money you would get on a pay-out will constantly shrink. This is why you should consider switching to liability-only insurance for vehicles 10 years or older.
Are You Using Available Discounts?
This is another thing a lot of people who have insurance aren’t aware of, but there might be some discounts you may be able to redeem depending on your driving habits. For instance, if your total miles per year is lower than average, then you could get a discount in some cases. You could also get discounts for things like driver training, driving history, or adding certain equipment. Some providers will reward you if you add something like an immobilizer or a tracking device on your vehicle. If you were thinking of getting married, also know that your insurance quotes are likely to get lower as insurers tend to see married drivers as safer.
These few questions will allow you to find out if you’re getting the best deal on insurance right now. Know that it always pays to consider your options, and don’t make the mistake of thinking that you can’t make significant savings by looking elsewhere.
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