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When is it Time to Change Insurance Carriers?

Anytime is a good time to change insurance companies for the types of policies you may have. However, the best time to switch companies is when you can obtain better value for your money. Failure to shop around for the best pricing vs coverage means you’re leaving money on the table and cheating yourself.

At the very least, individuals should review their policies once a year. Start reviewing at least a month before a policy’s anniversary date as needs change over time. Generally, you should consider changing carriers if any of the following occur.

  • The insurer increases your premium costs
  • The insurer cuts your benefits
  • Poor experiences with claims
  • A new driver is added to the policy
  • You get married
  • You have a child or adopt one
  • You move to a new address, as zip codes affect pricing
  • Your health needs change
  • Your healthcare provider no longer accepts your insurance
  • The death of a spouse
  • Your income changes – such as retirement or the loss of a job – so you can budget appropriately

However, individuals must also weigh the cost against the coverage provided in the policy. Insurance companies are notorious for making changes to coverage options, limits and pricing. Insurers also offer discounts for a variety of circumstances related to home and auto policies, but insurers won’t typically tell you about them unless you ask.

Health insurance is a particularly difficult situation for policy holders. Healthcare providers regularly add and cease to accept coverage from certain companies. It doesn’t matter if you have employer-provided insurance, Medicaid or Medicare, if your provider doesn’t accept the insurance, it will require a change in doctors, insurance plans, or even both.

It doesn’t matter whether you’re insuring your car, home or health, you always want the best value for the premiums you pay. That can necessitate changes to ensure all your needs have the best coverage and at an affordable price.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

We can be found on Social Media at the following links.

   

The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487

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