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Negotiating insurance policy renewals

On Behalf of | Oct 20, 2023 | Insurance Law |

If you are like most Nevada residents, you have various types of insurance, such as home, automobile or life insurance. Sometimes you are required to purchase insurance while other times you choose to so you can protect yourself and loved ones if an unexpected event occurs.

At some point, you probably experienced an increase in your insurance premiums during your policy renewal period. What you might not realize is that you can negotiate these premiums. This is especially important in today’s world when it seems insurance costs are constantly increasing.

The right time to negotiate

First, start negotiating at or near your policy renewal period. The insurance company knows they could potentially lose you as a customer because your policy limit is about to expire.

There are many tools available that let you compare the cost of premiums between different insurance companies. Take advantage of these tools and develop a list of insurance companies offering lower rates to show to your current insurance company.

Show the insurance company you have done your research. Provide them with the information you gathered about other insurance companies, their policies and rates. Do not feel pressured to agree to any of your current company’s offers right away. Give yourself time to think about it.

Does your current policy need to be updated?

Review your current policy and determine if any updates to your coverage are necessary. For example, you may have purchased your car insurance policy when you bought a brand-new car, but that new car may now be over 10 years old. You may not need the same coverage now that your car is older and worth less.

Your insurance company will likely offer you various add-ons as part of your coverage. Consider whether you really need these add-ons before saying yes and do not be afraid to say no. Sometimes the value of the add-ons is not worth the increase in price to your overall policy.

If you find yourself with questions on whether continuing with your current policy is best, there are professionals out there who can help you negotiate.

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