Insurance Shopping Made Easy!

How to Compare Insurance Rates for Renewal of Your Policy

Did you know you have to compare insurance rates not just for new policies but more importantly, for renewal of expiring policies? There are many insurance companies that automatically increase the rates for renewal regardless of whether a claim was made or not. Many people don’t check their policy and simply allow it to roll-over under whatever terms laid out by the insurance company.

The fact is you have good leverage to bring down the rates if no claims have been made. A good track record should count for something. When negotiating for renewal of your insurance plans, here are some guidelines on how to compare insurance rates and get better terms:

Keep track of insurance end date

Many insurance companies notify you of renewal a month or less before it expires. This does not give you a lot of time to plan a re-negotiation. Instead you should calendar the time it expires two months ahead so you can start collecting quotes from other companies. This should give you a clear idea of what is a reasonable rate. Thus, you could reject the automatic increase and negotiate based on what data you collected. Use you non-claim record to get a special discount or payment scheme that’s more favorable to your budget.

Let Other Insurance Companies Know Your Track Record

Keep your options open to switching insurance provider and use the fact that you are a customer of good standing. Since the insurance business is still recovering like other businesses, the chances of having more control and being able to compare insurance rates are higher. Competitors will do what they can to entice a good client to their side and this is an advantage you should use.

Use Your Good Credit History

If you have a good credit history, use it as leverage to get better rates. Insurance agents are just as wary of new clients as you are of new providers. If you can prove you will be a good client by showing proof of previous insurance no claim records and an excellent credit history, you’re likely to get a very attractive deal.

Finally, if you are a business owner, you can offer your business or an expanded insurance contract for a better rate. In other words, consolidate your insurance needs so that it becomes a volume sale or group plan. Like most businesses, the higher the contract price, the more freebies and benefits can be offered. Compare insurance rates under this plan and be very surprised at how much savings you can enjoy.