5 Ways to Make Your Insurance Easier

Insurance is complex. That’s why you need licensed professionals to help you with it. But just like building a home, there are little steps you can do along they way that can make a seemingly huge task much more manageable. Getting the most out of your insurance is as much your responsibility as your broker’s, so we’ve provided a list of ways to make managing your insurance as easy as possible. Because even the most complex task can be done if you work away at it bit by little bit.

Sometimes Insurance can feel like a long, long climb. -Taken from Adam Ward on Wikimedia Commons

Get Your Policies to Renew on the Same Day

Want to know one way to make your insurance easy? Reduce the number of important dates you need to remember. It seems kind of weird to think of, but you are multiplying the work involved by paying for your home, auto and other policies all on different dates.

It’s not like you are doing this on purpose, you are going to buy a car (and purchase insurance along with it) when you need a car, not when the policy for your house renews! But once you have your two policies and plan on staying with the same insurance company, having different dates is just making things harder for you.

With policies renewing on the same day, you will have to spend less time worrying about insurance. You will have all your insurance bills at once, and get all the documents together so it is easy to file. Plus a review with your broker can cover all of your insurance needs, instead of just talking about your car or home exclusively.

It just makes sense.

Go Off Monthly Pay Plan

Monthly Payment Plans are great if you are unable to pay your insurance premium in full with your current cashflow. But if you are able to get the funds to pay all in one go (which I’ve seen plenty of people, from various walks of life, manage without problem), that option just makes more sense.

First of all, paying all in one go is cheaper. Insurance companies typically charge 3% of your premium to allow monthly payment plans. This may be well worth it if you are cash strapped, but if you aren’t its just an extra expense.

Secondly, monthly payment plans are really inflexible and easy to mistep in, making them without a doubt the most common cause of insurance problems at McDougall Insurance. Generally the payment plans automatically withdraw from your bank account, and this alone is a recipe for disaster.

Because the insurance companies withdraw whether you have money or not, it is constant fight to ensure adequate funds are in your bank account. Failure to do so will result in a triple wammy, a $50 non-sufficient fund penalty from your company, a $25 overdraw penalty from your bank, and the company coming back into your account to re-withdraw the funds in two weeks. Don’t have the money then? Enjoy more NSF fees.

Paying on a schedule with an account can also be a problem if you switch banks or cancel a credit card. I can guarantee you, the last thing on your mind will be your insurance policy when you are making the change. This means your insurance policy won’t get paid once your old bank account or card becomes inactive, and your policy could end up cancelled for non-payment (which will force you to pay more whenever you get your next policy).

Switch to the Same Insurance Company

Switching your policies to a single insurance company not only makes sense, but it makes cents! All insurance companies have whats called a “multi-line discount”, which is deducted from your premium when you have multiple insurance policies with the same company.

This discount can be pretty significant, for some companies approaching 20%! When you are paying thousands for your home and auto policies, that discount can lead to some really significant savings.

But the move to the same company also makes things easier. You only need to keep one card, only have one number to call for claims (usually), and only have to deal with one logo! Moving your policies to the same company is also a great opportunity for you to take advantage of our advice of getting your policies to renew on the same day as well.

Always Ask Your Broker

Of course, this is the best advice anyone could ever give you, and the fool-proof way to make your insurance easier. Ask. Your. Broker. They are seasoned professionals who have been educated in insurance, know their products and understand the best way to get you the help you deserve. Work with an insurance broker, and you’ll be shocked at just how easy your insurance becomes.

If you are looking for a broker who will take care of you, consider getting a quote from McDougall Insurance (check out that cool black toolbar at the top of your screen!). Our producers are waiting at the lines, looking forward to their chance to help you with your insurance.