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How to Cut Down Sky-Rocketing Car Insurance Costs

Posted by: Gloria Posted on: June 23, 2021 , , ,

Nowadays getting insurance has become a must. The idea behind insurance is to prepare for the unforeseen, so the chances are that you may never have to file for an insurance claim in your life. However, this in any way does not mean that you wouldn’t be charged for it. Insurance companies usually charge monthly or annually depending on the policy, and needless to say that, the expenses that you pay to these companies can easily add up.

This is even truer in the case of car insurance. Without a doubt, car insurance can be expensive and difficult to maintain. Therefore, before you get one, you first have to carefully explore your option and find the right company. Having trouble finding the best company for car insurance? Then browse through the reviews at Collected.Reviews to get a better idea.

However, even if you find a good company for insurance of your car, you should not directly settle-down with it. Because that is just one part of the equation. If you want to battle the sky-rocketing insurance prices, then there are a couple of ways you could cut down the costs, so let’s explore those.

1)  Compare Prices

The classic method to bring down the price for your car insurance is by simply comparing the costs of other insurance companies. Most people make the mistake that they settle far too quickly. If you are applying for car insurance, then make sure that you always reach out to multiple car insurance companies and get a quote from each of them.

In fact, if you know how to haggle, then there’s a great chance that you might be able to get a good discount by letting the insurance agent know the best rate you’re getting.

2)  Switch Car Insurance

If you have purchased a car insurance policy, you do not necessarily have to stay with it for the rest of your life. Most car insurance companies have a cancel anytime policy. You could utilize this and when you think that car insurance charges are spiking up too much, you could switch to another insurance company.

The chances are your current insurance provider may stop you by offering you better rates, or even if they don’t you’ll most likely find a company that would quote you a better offer. So, it’s worth looking into switching your car insurance providers.

3)  Maintaining Good Record

Needless to say that the better your record is, the better the offer you’re going to get. If you have a history of getting into car accidents, then most companies are going to quote you sky-rocketing car insurance rates. Thus, if you have gotten involved in a number of different car accidents, then it’s worth evaluating that where you’re going wrong and then, improving from there.

Once you start maintaining a better record, the car insurance companies will automatically start to offer you better rates.

The Bottom Line

Car insurance can come in handy because you never know what may … Read More..

Why Business Owners shouldn’t Work with Multiple Insurance Agents

Posted by: Gloria Posted on: September 29, 2020 ,

The cost of commercial insurance can really add up for many business owners, in fact, for some businesses, the cost of insurance can easily be the difference between profitability or not.  For some businesses the costs of insurance piles up as you have to satisfy contractual requirements, and for others they must meet legal requirements.  Either way, with every additional policy you purchase, the more crucial it becomes to get the best rate.  When it comes to getting the best rate, it’s important that you select just a couple of agents to work with, here’s why:

For starters, the premise behind insurance is to transfer risk from your company to the insurance company.  Understanding your company’s risk takes an intelligent agent to know the state of the market but also point out some risks that you may not be aware of.  As you start your discussions with an agent you’ll get a feel for their breadth of knowledge and when you find someone who is knowledgeable, you have to trust that they will do what’s best for you and your company.  The recommendation is typically two agents, any more than that and it makes it hard for you to manage everything.

Second, working with many agents can cause blocking of markets.  What this means is that the first agent to approach an insurance company is the first one in.  Any other agent that approaches that same insurance company for the same line of insurance will be blocked.  If you work with more than two agents, they will begin trampling over each other to access markets and it is completely unnecessary. 

As an example, let’s say an agent for commercial trucking insurance approaches AIG for a quote and shortly after a second agent also approaches AIG.  The second agent will be blocked from getting terms.  The more agents are involved the more this happens.  Instead, work with a couple of agents that have access to many markets, or have relationships with specialists that can access specialty markets.  This way, your main markets are covered but the one agent will also have access to markets that the other does not.  Also vice versa.

Last, good agencies have a solid network of tools, data, benchmarking and other resources to ensure that you’re not only adequately covered from a limit standpoint, but that your policy wording is also buttoned up and is as broad as possible.  These resources can help highlight your company’s vulnerabilities and pinpoint where you need to focus your efforts to get the most coverage.  Typically you’re going to see these resources offered from the larger brokerage firms, but some smaller agencies are also extremely tech and data savvy and can provide something similar.  You’ll also find that the larger brokerage firms are able to “throw their weight” if necessary to get you terms that you deserve.

In the years past, the mentality was that you had a better chance of getting the best insurance terms if you had as many … Read More..