Is your insurance policy being “Not’y”?
When a policy has a long list of what is not covered it doesn’t mean that you don’t want it. In fact they can be a way for you to save. If you feel that you don’t need a particular coverage then why pay for it? But what happens when you buy a policy that doesn’t cover something and then you make a change in life where you need the coverage? It might be time for a policy review. When you are reviewing your insurance policy there are several key things to go over. Here are key areas to focus on at least once per year to make sure that your protected based on how you are today not yesteryear.
- Have you added more stuff in your life? It could be a car, a new motorized toy, a trailer, or even a new piece of art. It’s exciting to get new stuff! Just remember to call your insurance agent. An annual review of your policy should include actually looking at what is being covered. You may be surprised by what doesn’t show up on the list. If your new baby is not listed it is not covered. Reviews are way to catch this.
- Do you have a new driver? What about a soon to be driver? One thing that happens in our agency is that clients have a kiddo that gets their license and then they forget to add them to their policy. If someone lives in your household and they are licensed they must be listed on your policy. If they “don’t drive your cars” that doesn’t mean that they are not listed. They can be listed as non-drivers but they must be listed. This should also be taken in to account when you have a young one that is about to be licensed. Each company is different. Some of them need any member of your household listed if they are over a certain age. If you don’t and have to file a claim you creating questions from your carrier at a time that you only want answers.
- Did you add on to your home? What about customize one of your vehicles/toys? When you make an improvement to your property the added value is not necessarily covered explicitly. You should again compare what you feel the value of your stuff is and compare that to your actual policy.
- Have you moved? I know that this may seem obvious but it happens pretty regularly. When you change addresses your mail can be forwarded to your new address and can give the illusion that your insurance company knows that you moved. On the actual policy the address must match your physical address or your coverage can be invalidated.
- Did you sell you car (or toy, or trailer, or art, etc.)? Opposite to number one, if there is something listed on your policy and you no longer own it you are paying for the coverage. Annual reviews can help eliminate this as well.
- Are all of your insurance policies “bouncing off” each other. Your best chance of savings is to deepen your relationship with an insurance company. There are also discounts just for having several policies with one agent even when the actual company is different. Maybe they didn’t fit last year but just like things change in your life the carriers may be looking for your type of business this year.
These are some of the key things to focus on and we haven’t even touched on price. Of course that is important however I hope that you can see that before you go and get a price on this year’s policy you have to make sure that you are getting the proper coverage first. Never try to save money by not protecting yourself properly. In all my years of selling insurance I have never seen that strategy end well when it come time to file a claim.
If you would like to have us perform you review for you completely free of charge you can call us at 602-438-9733. Of course if you are an existing client of All Your Insurance, inc then we are doing this and more for you already. In fact after we have reviewed the “important” stuff then we can do a price check. When we find that a carrier is not the right fit we make sure that you are presented with the best option. It works well for our clients. See for yourself:
— All Your Insurance (@ayiinctweet) July 11, 2013