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By Debbie Arnold of Sound Insurance - March, 2018
To Shop or not to shop.... That is a loaded question! Here`s some tips to help you.
Shop your insurance…..
- Within 30 days of your renewal date to ensure the rate you are quoted can be guaranteed
- If your renewal premium has increased by more than $100.00 and you haven’t had any claims or convictions
- If you’ve been with the same carrier for five years or more and never shopped
- If your carrier is offering only limited sewer back up or overland water coverage
- If you’ve added an underage driver recently. Many companies will give good student discounts, away at university reductions and family discounts. Pricing for underage drivers varies drastically from carrier to carrier so it’s a good idea to check your provider against other companies.
- If you’re insured with a direct writing company (Allstate, Desjardins, TD, RBC) keep in mind that they only have one product offering with one insurance company. A broker, like Sound Insurance, has many companies with a plethora of products to tailor your policy to your needs.
- If your premium has been increasing steadily but you haven’t had any incidents, take the time to shop. It doesn’t cost anything and even if you don’t save money at least you know your dollars are well spent
- If the service level you’re receiving from your provider is not meeting your expectations i.e. no call back, no response to an email, it’s time to shop!
- If you have different policies for every vehicle in your household, it’s time to consolidate and simplify your personal insurance. Why think about insurance more than once a year?
- If your provider is not offering a renewal due to claims or convictions, call a broker.
Don’t Shop your insurance…..
- If you or a family or household member has had a chargeable loss in the last 6 years. Most carriers offer Accident Waiver Protection or Accident Forgiveness. This does not transfer to another insurer. The accident will be rated in full. However, if the accident was under the “minor accident guideline” or the payout was under $1000 you may be able to find better pricing.
- If you have convictions on your record that your provider is not aware of. Check the rating page of your automobile. It will show if there is a rating for tickets or accidents. If not, stay where you are. A new provider will pull your driving record and will have to rate for any tickets on record (points don’t matter)
- If you’ve had a sewer back up claim in the last three to five years, your property policy may be difficult to place. Insurance companies are very sensitive to water damage claims since this is the single largest cause of loss.
As you can see, there are more reasons to shop your coverage than to not shop. As an APA member, you may be eligible for exclusive discounts on your personal insurance as a member benefit. You’ll receive free, no obligation quotations and an expert review of your current coverage. At the end of the day, we’re here to help you.
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