Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (450 words)

5 Questions for your Car Insurance Agent

Just because you are comfortable with your current car insurance agent and policy doesn’t mean you should never ask questions. It is your right to be informed, ensuring that you are getting what you pay for.

Here are five questions to ask your current agent:

1. Which discounts are being applied to my policy? Once you have the answer to this question, you can move onto something just as important: finding out if you qualify for additional discounts.

Tip: your agent may not contact you if an additional discount becomes available. This is why it is so important to check with your agent on new discounts at least once per year.

2. Is there anyway to save more money? Like most, you want to save as much as you can on car insurance coverage. You may be surprised at the many suggestions of your agent once this question is laid out on the table.

In addition to discounts, your agent can discuss making adjustments to your policy as a means of lowering the premium. For example, increasing your deductible will decrease your premium.

3. How come my premium increased or decreased? If you notice that the cost of coverage has changed from one statement to the next, you should contact your agent to find out why.

If your premium increased, you definitely want to find out what happened. The same holds true if you are now paying less. You may find that there is something you can do to save even more.

4. Do I have the right coverage? If it has been a long time since you last reviewed your policy, this is a question you must ask. Over time, your wants and needs change. Maybe you purchased a new vehicle. Maybe you got rid of an old car. Maybe you moved to a new location.

If you are going to pay for car insurance every month, you might as well make sure you have the right coverage in place.

5. What are my payment options? There may come a time when you want to make a change to the way you pay your premium. Ask your agent for more information on your payment options. Most allow you to pay via check, credit card, or direct debit. Once you know more about each payment option, you may find that making a change would be in your best interest.

Tip: some car insurance companies offer a discount if you pay via direct debit.

When it comes to your car insurance coverage, no questions are off limit. You should feel comfortable contacting your agent, asking anything that is on your mind, and being sure that you are happy with the answer.
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Tuesday, 05 March 2024

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