Let’s cut right to it!

Your insurance costs have or will increase this year – it’s just WHERE WE ARE!

Your home and auto insurance among other types of policies are facing increases this year.  As you are seeing, post-pandemic inflation is taking a toll on every single business and vendor that insurance companies use. There are plenty of examples.

Have you tried to purchase a car or have you rented a car lately?  I read this morning that a gentleman was “elated” when the new car he just bought had a markup of “only” $2,000. 

Have you had to put your vehicle in the body shop or needed a contractor to do work on your home?  Costs have escalated quickly and all of this affects insurance rates!

So – how do you, as a consumer, protect yourself from rate hikes? Consider these FIVE tips:

1. You need an independent insurance agent. Independent insurance agents work for the client, and not the carrier. They can also shop your coverage for you without having to call 100 places for rates. Not sure if you have an independent agent or not? Here is an easy trick. Look at their email address. If their email is agent@biginsurancecompany.com – they work for them, not for you.
   
2. Telematics! These are systems that insurance carriers offer that base your rates/discounts on how you drive. Some say that is “big brother watching” and I get it.  The fact is, if you have a cell phone, you’re already being tracked so you might as well get a discount for it. Insurance companies are giving deep discounts if you participate in their programs.  Many people need that break right now.
   
3. How about a deductible increase?  Oh, I know that if you have a claim, you may have to dig deep to cover that deductible. But what people tend to forget is your rates are HIGHER when you have a lower deductible.
   
   Why not put $1000 into your savings account and let THAT be allocated for your deductible if you need it.  We can put a FULL-GLASS endorsement on your policy if you have that type of claim and you could avoid a higher deductible for that loss.
   
4. Evaluate the coverage on your home insurance. A lot of people, including agents, think they should insure their house for what they paid for it. Not true!  What you pay for your house is the market value. That takes into consideration the house, location, land, and market conditions. Those last 3 are not insurable.
   
   Insurance carriers are all about the replacement cost of the home. They care-not about land values.
   
5. Don’t cut your coverage!! “Only pay for what you need” is such a misleading phrase in insurance advertising right now.  Insurance has one job – protect your way of life and return you to the same financial state you were in before the claim!. It’s tempting to gut your policy by reducing coverage to save money… We DO NOT advise that!  If you think insurance is high? Wait until you have a loss and don’t have the right coverage.

I have been through more than 3 economic – inflation fearing downturns.  We always bounce back and move forward.  I believe we will from this but it may take time.  I hope the above information will help you to make the RIGHT decisions with your insurance. 

We’re ready to serve YOU! If you have an insurance need or want to make sure YOUR insurance is configured the way you want it to save some money, let us help!  TEXT or CALL us at 615.377.1212.  EMAIL us at INFO@BentonWhite.net or visit our website at www.BentonWhite.com for a wealth of helpful information – 24/7.

THANKS for the privilege we have in serving you, our customer.  If you’re not one of our customers yet, come on over – we’ll treat you like we want to be treated!

Stay safe in your corner of this world!

(Portions of this article came from another insurance agency sharing their views to their customers.  It was well written and we passed it along – edited!)