Brier Grieves December 15, 2014 No Comments

It becomes very easy to become comfortable with the insurance company you have and just continue to renew and not bother reviewing your policy to see if you can save money and get better coverage. We have a few tips that will help you have the best coverage for all of your policies for the least out of your pocket to make 2015 a great year for you insurance wise!

  1. Always pay on time: If you do not pay your premiums on time you face cancellation or your policy lapsing. This can result in paying higher rates to reinstate and also if you have an incident in the time period where it lapsed, you may not be covered, even if you have been with the company for years.
  2. Review your policies yearly: Laws and limits change yearly so it is good practice to review your policy every 6-12 months to make sure you have enough coverage and also to be sure you are not over paying for things you do not need.
  3. Do not make constant claims: Remember any damage lower than your deductible comes out of your pocket. So try to only report things that really are major. If the claim is only slightly higher than your deductible the rate increase could end up costing you more in the long rung
  4. Remove your ex if you have one: If you are divorced or had your partner as your beneficiary remove them if you don’t want assets to go to them. Designate a new person. If you do not have a will or beneficiary your assets could go to the government. It is important to have this setup properly.
  5. Be-careful loaning out your carWhen you loan out your care you are not just loaning your property, you are loaning your insurance. If the person you lend your car to gets in an accident you are liable and it goes on your record and your rates.
  6. Have healthcare: With the new laws you must have health insurance by a certain date (unless you qualify for an extension) or you will get penalized. Be sure to sign up and have all of your dependents insured as well.
  7. Don’t drink and drive! Period!: For the first reason its dangerous. Besides that though, the insurance ramifications can and will be a total nightmare. Your rates will increase significantly. Depending on the state you live in and how many offenses you have you may be required to have a breathalyzer installed in your car, which if you lease will be another nightmare. The fines can last for years and be costly, not to mention possible jail time, lawyer fees and long-term loss of license.
  8. Add your new child: You must add your child within 30 days of birth or face penalties and the possibility of no insurance.
  9. Alert your insurance company of new car: Most insurance companies will offer a short time of coverage for a new car. You should call within one week to let your insurance company know of your new car. In some cases depending on the car you will save money too. Don’t hesitate, call!
  10. Create a  home inventory: It is good practice to have a detailed home inventory for claims. The easiest way to do this is go room by room, take photos, add details and save any invoices or receipts you have. This will make filing your claim and being properly reimbursed much easier.