Know Details Before You Comparison Shop
I have several friends who could be considered for the Olympics if shopping were an event. I don’t share their enthusiasm, but I admire their skill and dedication to their sport. Shopping for insurance doesn’t rank high with most recreational shoppers, but it’s becoming a necessary activity for consumers with the premium adjustments many insurance companies are making.
Because fielding calls from insurance shoppers is part of my daily activities, I thought it would be helpful to give some hints on how to do it, so you know what information is needed for the premium quote to be an apples-to-apples comparison.
Shopping with a list is always recommended—in this case, your list would be the most recent declarations page or renewal notice of the policy you want to compare. A lot of calls I receive have been prompted by discussions with coworkers, friends, or relatives about insurance rates. Most people don’t know the details of how others’ vehicles are rated, so it isn’t a valid way to compare.
To provide a rate for a home, the following is needed: current coverage amount on the dwelling; type of construction; age of the house, roof, and furnace; what amp electrical service and type of wiring; the deductible; total square foot of living area; and information on number of rooms, baths, the basement, and size of decks or porches; any additional endorsements that are included such as back up of sewer or scheduled property.
The information needed to quote auto insurance includes: year, make, and vehicle identification number of each vehicle; current liability limits for bodily injury, property damage, uninsured, and underinsured motorists; amount of medical expense; deductibles for comprehensive and collision; and any optional coverage such as emergency road service, rental reimbursement, or accidental death and dismemberment.
You also need information about who drives which vehicle and their driving records. Be prepared to provide drivers license and social security numbers for all drivers so the proper premium can be quoted. If you’re truly looking to compare prices, it will do you no good to call an agency without this information.
You might think it’s odd that I would encourage insurance shopping, but I’m realistic enough to know some people have to put price above loyalty. I also know there are some people who like to shop about as much as I do. TPW