Choosing an Insurer

Industry experts say you should  shop around for  insurance.  According to an Oct. 9, 2009 article in The Wall Street Journal, “prices in the intensely competitive auto-insurance business are based on so many different factors, and they are calculated in so many different ways, that shopping several different companies really could help you save hundreds of dollars every six months.”

Here are a few tips from the WSJ article quoted above.

  • Your financial behavior matters.Companies look at credit scores.  The higher the score, the lower the premium.
  • Compare prices both with insurers that sell directly and those that sell through agents.  Prices may vary a lot, and though agents receive a commission, they aren’t always more expensive.
  • Loyalty cuts both ways. Car-insurance companies want to win over new customers, but at the same time, they reward those who stay put.
  • The discounts are in the details. People who have multiple policies with the same company often qualify for discounts.
  • Price matters, but so does service. The last thing a person wants after an accident is an insurer that is slow to respond or pay.  Check out the company’s reputation.

Happy insurance hunting. Oh, and if you live in the Detroit Metropolitan area and need a good agent, give Kristin Madden a call over at AAA. She’s a good friend, a good agent and an honest person. She will do her best to get you the coverage you need at a fair price. Kristin can be reached at (248) 553-3700, ext. 491.

Categories: Home life, Jobs and the economy | Tags: , | Leave a comment

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