subject: Does Your Insurance Company See You As Just A Number? [print this page] Does Your Insurance Company See You As Just A Number?
For a lot of us, taking out insurance is a cumbersome task! With so many insurance companies competing for our attention, and so many different policies to confuse us even further, deciding on an insurance company can be quite a challenge! So when we finally find an insurance company and insurance policy that we are more or less satisfied with, we stick to them like a toffee to its wrapper on a warm sunny day!
This might not necessarily be the best route to follow. Looking after your own interests should be more important than staying loyal to your insurance company! If you have been with the same insurance company for quite a time, chances are that you are not really as important to the company as you might think!
Sometimes, the grass is in fact greener on the other side and it might be time to take your business somewhere else. Think carefully about the following and then make an informed decision:The grass is sometimes definitely greener on the other side and it could be to your advantage to take your business elsewhere. Consider the following and then make an informed decision:
Insurance companies focus on new business. They are forever searching for new customers and new insurance policies to write. To them, you might be as important at last week's news. A lot of insurance companies offer a discount for new members. Should they not rather be offering you, their loyal client, a better rate for each year that you renew your policy? By moving to a new company, you would therefore be the "newbie" receiving the royal welcoming treatment (and the discounted premiums that go with that!)
When was the last time that an agent from the insurance company gave you a courtesy call to enquire if there is anything they can assist with? Your insurance company is supposed to ensure that you are always receiving the best cover for your specific needs - what if your situation has in the meantime changed so drastically that you are now underinsured without even realizing it? If you only hear from your insurance company on the odd occasion that you miss a payment (the bank's fault of course!) you should really ask yourself if you're not wasting your time and money!
If you're considering moving your policy to a different company, shop around. Compare as many companies as possible (at least 3 - 5) and don't stop before you've find a company that you are 110% satisfied with. Getting an insurance quote is really as easy as falling out of a tree. If you need further guidance, you can always appoint a broker to help you. Brokers can assist you in finding a great deal as they are always up to date with all the happenings in the insurance world!
Once you've decided to do the switch to another company, your timing should be right. The best would be to wait until your current policy is up for renewal. If you simply choose not to renew your policy with your current company, there won't be any penalty fees payable. However, if you want to move to a new company in the middle of your contract term, you might have to pay a hefty cancellation fine.
It is also safest to only cancel your current policy once your new policy is in effect with the new insurer. This would avoid in any lapse in coverage.
The most important thing is that you feel like your insurance company is putting YOUR needs first. If this is not the case, take action and move to greener pastures!
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