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Are You Getting the Best Price on Your Insurance?

When is the last time you've had a discussion with your insurance company about your rates? Hopefully it's within the past year, but I bet in most cases it hasn't been!

First off, don't feel bad for bugging your insurance company, you pay them a nice chunk of money, you deserve to be fully informed and to spend as much time as needed talking to them and getting more information from them. This applies to any insurance - automotive, home, etc.

Before you renew your premiums, you should be having a discussion with your insurance agents to determine the new cost and to find out if there is anything that you can do or change to get a lower rate. You might already qualify for a new discount without even knowing it and unless you talk to your agent, you will likely never get that cheaper rate.

To find out all of the available discounts, just ask your insurance agent/broker - even if you don't have a clue, just ask them to educate you on all of their potential discounts.

Even if you have had a claim recently, still have this discussion, it can't hurt - the worst that they can tell you is there are no more available discounts for you right now.

Depending on your situation, you should also consider shopping around. Ask around to other companies every few years to find out how much they will charge to insure you. Chances are, your current company isn't always the cheapest even if you have been with them for several years.

Some people recommend raising your premiums to save money, I don't particularly recommend it, but keep it in mind that you could bring down your bill if you do this. Ultimately it is up to you, but just remember that if something does happen, this is money you will need to pay out of your pocket.

Make sure that all of your insurance goes through the same company, many companies will offer a multi-line discount if you use them for all of your insurance needs. I also find this makes it easier to manage with it all at one place.

How often is your payment frequency? It's often easier for us to pay monthly, but at times you can get a discount paying yearly or bi-yearly (every 6 months). Also some companies will offer a discount if you sign up to a prepaid payment plan.

We wish you the Best of luck with your insurance savings!

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