Insurance Price Quotes
Did you know that the average annual auto insurance policy cost is around $1800 and the average home insurance policy cost is about $1000 in 2009? If it seems like your insurance rates keep increasing every year then you are correct! These costs are up about 8% over last year. With insurance rates on the rise and more people having to pay closer attention to their budget this year, now is a perfect time to consider reviewing additional insurance price quotes. While price is certainly one of the most important considerations for making a change to your insurance, there are some additional factors to consider other than price.
One important thing to consider when looking for an insurance price quote is the financial strength of the company offering your quotes. When shopping for a new insurance provider, consumers should only consider quotes from “A” rated, financially stable companies. Sticking to these well known companies will decrease problems later if you ever have to make a claim. An example of this occurred in the summer of 2006 when a “B” rated company known as “Texas Select” went insolvent after Hurricane Rita due to the company not being able to pay claims. Homeowners were left with damage to their property and no reimbursement until over a year later.
Another factor to consider other than price is what happens to the price of your policy after a claim. We all purchase insurance coverage to protect us from the unexpected accidents or catastrophes and hope to never have to use our insurance to make a claim. If you do have to use your insurance, consider what could happen to your policy cost as a result of a claim. The insurance company can increase the cost of your renewal up to 10%, 20%, or even up to 150% of your previous cost to insure your home or cars. The good news is its now possible to find a company that offers valuable options against this type of rate increase after a claim. These options are called accident forgiveness, claims rate guard, and deductible reward and are designed to eliminate a price increase even if the company pays out several thousand dollars on your behalf! Most major companies offer some form of this rate protection but be sure and get the details and limitations of the policy options to find the right fit for your own needs.
Lastly, when reviewing various insurance price quotes you want to completely consider all available discounts that you may qualify for. Whether you are shopping online, in person, or over the phone it is important to ask what additional discounts are available to help lower your cost. The common discounts almost everyone knows about for auto insurance are Claims Free, Experienced Operator, Multi-car, and Multi-policy discounts. You should also know many companies also offer additional discounts such as Homeowner, Company Car, Automatic Payment draft, Prior coverage, Good Student grades, and many more that also lower your cost. For home insurance you should ask about an Alarm discount, Age of Roof, Age of Home, Proximity to your local fire department and any other discounts that would lower your insurance price quotes.
Have a conversation with your current company and if they are unwilling to work with you, shop for a licensed insurance professional in your area willing to offer the lowest insurance price quotes available. You can also visit our website at www.HoustonInsurancePriceQuotes.com for more information or to get free insurance price quote.
