5 Things That Can Increase Your Insurance Payment

When you want to get a quote for your property, certain factors can impact the rates that you are offered. Even though quote comparison can help you narrow down your options and find a good rate, it is important to ask what can increase my insurance payment so that you can take specific steps to reduce your rates.

Your Credit Rating

It may seem like your credit rating has a limited impact on your life outside of the ability to qualify for a loan, but that is not the case. Your credit score and your credit history play a significant role in your ability to find a great rate on your home or auto insurance.

A low credit rating will have a negative impact on any insurance that you are considering because your insurer may assume that you are less likely to make your payments or you are more likely to pay late.

The Claims History

Making a claim on your previous policy can impact the future rates that you are offered. When you want to know what can increase my insurance payment, the claims history is a key place to consider.

If you have made claims in the past, then take the time to ensure that the information is accurate. You may also want to consider any other individuals who have been on your policy to ensure that their records will not impact your quotes.

Co-Workers

Any time that you have a policy through your employer, your co-workers will impact that rates that you are offered. An employer’s plan is always based on the average of all the workers, so the cost can increase if you would otherwise have a lower rate.

Your Education

Surprisingly, insurers do consider your educational level when they are offering quotes. Since there is a correlation between educational level and the likelihood of an accident or claim, a lower education may impact the rates that you are offered.

Your Location

Location will always play a significant role in the coverage you are offered. Due to differences between state and local laws, certain areas may have a higher rate when compared to other locations.

Recognizing the factors that may increase your insurance rates can make it easier to adjust your habits and actions so that you can lower your rates over time. Contact us to get a quote and find the best insurance plans for your family and goals.

Cancelling Your Monthly Car Insurance

Think !!!An auto insurance policy isn’t like a cell phone plan. Just because you’re on a monthly car insurance payment schedule that automatically renews itself doesn’t mean that you have to wait to switch providers. You can walk away at any time. But if you fail to first notify your insurer, you could cause a few unwanted complications.

Give Notice
You can let your auto insurance policy cancel on its own simply by not making your scheduled monthly car insurance payments, but doing so has a couple of risks involved. First of all, you could get hit with a cancelation penalty if you cancel in the middle of your term without giving proper notice. Second, if you don’t already have coverage lined up through another provider, letting your insurance lapse could be costly. If you’re caught driving without it, you could face some serious legal consequences. And finding a new insurer after you’ve been caught driving without insurance will be much more difficult because you’ll be a high risk client.

The Best Way to Walk Away
Always submit your notice of cancelation in writing, and far enough in advance to cover you in the event of any clerical snafus. Regardless of whether or not your decision to switch insurance companies was based on having found a better price elsewhere, or being extremely dissatisfied with the service you’ve received, don’t shoot yourself in the foot by failing to give advance notice. Although the best time to cancel your insurance policy is immediately before it renews, you can always get a pro-rated adjustment that pays you back for coverage you won’t be using.