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Is There Any Value in Changing Auto or Homeowners Insurance on a Frequent Basis?
March 2, 2021
Well, that depends on what "value" means to you.
How frequently one should change auto or homeowners insurance to another provider is going to be determined by what is valued.
Auto and Home insurance can be broken down into three main value buckets:
- Coverage - this not only includes what limits of coverage you might have, but also the extra features and benefits your program might come with.
- Service - a subjective measurement of how well a company provides service from billing issues to claims fairness.
- Price - what one is paying for the above.
In the US, some direct-writing insurance companies have spent billions projecting the message that insurance is all about price. The other two values are often forgotten.
So how frequently should one change auto or homeowners insurance?
- If one values Coverage and Service above price, you may never wish to switch. Keep in mind, that insurance is a foundational financial planning product that transfers the risk of loss of your largest assets.Those companies that offer superior service and coverage tend to hold the distinction over long periods of time.
- If one values Price over the other values, then you may wish to obtain quotes every three years or so. Or, following significant life events such as:
- A move to a new location.
- Youthful operators coming into or out of a household.
- Significant improvements in credit score.
- Significant changes in the type of cars owned or driving habits.
This answer comes from someone who could (re)write his own policy with any one of ten (10) reputable companies.
Yet… I have had the same carrier for 23 years.
Reason? I know that every insurance company’s coverage and service is not the same.
I also have witnessed the unexpected tragedy of those who only chase price.
What do you value?
If it’s more than just about the premium you pay, call our office at (607)324-7500 and ask us to review your program. We’re glad to find a solution that balances what you value!
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
