Insurance goals for 2017
February 7, 2017
Happy New Year!
Did you make any resolutions? Are you sticking to them?
Instead of resolution, how about we use the word goal? Why not make it a goal to review your insurance policies this year before their renewal date?
Home policies are usually written for a 12-month period, and auto policies usually six months. However, more and more companies are offering a 12-month auto policy. I have one for the Insurance Mobile, my old trusty Chevrolet, and it is very convenient to only have to worry about it once a year.
An insurance review would include things like, did your marital status change? Did you have a baby? Did your child move out or join the military? Did you make any home improvements? Change jobs or vehicles? Did Santa bring you a new UTV or snowmobile?
The most common change overlooked is mortgage companies. Did your mortgage company sell your loan? Did you refinance? Let your insurance professional know. We then make a change to your policy to ensure your premium gets paid in a timely manner.
While reviewing your auto policy, confirm you are receiving all discounts you qualify for. Does your teen have a good GPA? Ask about a good student discount. Did you take a 55 and Alive defensive driving course? There are discounts for that, too. And make sure you are receiving the multi-vehicle and package discount if applicable.
If it's one of your goals to save money this year, in addition to the above referenced discounts, there are paid-in-full discounts. If you are able to stash a bit of money before policy renewal, you can pay in full at a reduced rate and save the company installment fees.
If you haven't shopped around recently, or if your current company had a rate increase, ask your agent to look at your policy for ways to save, or if they can quote you through a different company.
With your health insurance, review the somewhat tedious packet of information they send to you. Inquire about medications you are taking. Is generic available? Is there an alternate, less expensive medicine you can take? Of course, always check with your doctor or your insurance professional before making any changes.
Susan Nichols-Alvis is owner of Nichols Insurance Agency.