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Top 3 Insurance Tips to Close out 2023
Jeff Ryan - CLU, ChFC, AIA, CIC, CPCU
November 27, 2023
Navigating a Challenging Insurance Market: Tips from The Ryan Agency
At The Ryan Agency, we recognize that it is a trying time for our insurance customers. The Ryan Agency has served our community for over 60 years, and this may be the “hardest” insurance market during that time.
๏ปฟHere are Three Insurance Tips to Close out 2023 - plus a BONUS!
- Don’t Trade Small Dollars with Your Insurance Company
- If there was ever a time you should not require your insurance company to cover small losses, it is now. Insurance companies not only price their products based on claim frequency but may also restrict access to their most competitive products for the same reason.
- Utilizing larger deductibles makes room for your insurance dollars to do its real job. That is, to protect you from catastrophic losses you couldn’t otherwise financially absorb.
- Choosing proper deductibles saves premium dollars now and into the future. Most increased deductible options offer substantial savings and pay for themselves in less than five years, even if you have a claim!
- Action Items.
- Call us to review your deductible options. Look to increase them to the largest amount you can reasonably afford.
2. Capitalize on Easy Discounts
- The New York Defensive Driving Discount is one of the “easiest” discounts available to every principal operator on a personal auto policy. A simple six-hour class can be done online at home at your convenience and pace.
- Action Item:
- Check out the Defensive Driving Course with MyImprov.com, for which we’ve negotiated a discount. Learn more at:
www.RyanAgency.com/DD. If you’d rather take an “in-person” class there are some available from time to time. Feel free to contact us to see how much you can save and what classes might be available!
3. Pump Up Your Credit Score
- Most people are unaware of the impact your credit score (technically called an insurance score) has on your auto and, in some cases, home insurance premiums. Properly managing your credit has many benefits, not the least of which is lower insurance premiums in the long run.
- Action Item:
- Read our Ask Jeff Blog article, How Can I Improve My Auto Insurance Score, for information on how you can positively impact one of the most important variables determining your auto insurance rates.
4. Bonus: Avoid Company Hopping if Happy with Your Current Carrier
- Our agency has shopped and rewritten hundreds of our clients with a new company. One of the things we’ve learned is that today’s cheapest company is the one sharply increasing rates tomorrow. If you are with a quality company, your loyalty matters; they will take care of you when accidents happen.
- Action Item:
- Happy with your current carrier? Work with them using all the tools available to manage your program and premiums accordingly.
It’s a crazy time in the insurance world. The three (wait… I guess there are four!) tips above are just some of the more immediate and significant things you can do to impact what you pay for your insurance program!
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.
