Published on:

My Insurance Premiums Keep Rising What Can I Do


Insurance premiums have been on the rise for several years. Most people stay with the same insurance company year after year because they assume they must be paying less for their insurance because they have been loyal customers. This may not be the case. If you review the rates you have been paying over the last five, chances are they have steadily increased.

You may want to consider contacting other insurance companies and obtaining a quote at least once every year or two. Rates will usually differ dramatically from company to company.

Obtaining insurance quotes is not as difficult as it has been in the past. Many insurance companies can provide you with a quote on line or over the phone. The most important thing to keep in mind is to compare “apples to apples”. Make sure that you are obtaining a quote for the exact coverage that you currently have with your existing policy. Also keep in mind if you are paying premiums for a six-month policy or a twelve-month policy.

If you find that you can obtain the same insurance from a different company for less money, call your existing company and let them know. Many times your insurance premium is based upon a certain percentage of commission to your agent. Agents may be willing to reduce their commission to keep you as a client.

Also Many insurance companies offer lower rates but at a reduced service. Some have horrible reputations for customer care, or fairness in the handling of cases. If you are contemplating switching, it may be worth a call to the Department of Insurance to check out how insurers are faring when it comes to customer satisfaction or complaints. In this way, when you need insurance company to be there, they will be.

By Suzanne Leslie Partner Allen, Flatt, Ballidis & Leslie