It can be concerning to see higher premiums after transferring policies to a new insurance agent. Here are some steps you can take to address this situation:
Review the Policies: Carefully read through your insurance policies to confirm what changes have been made. Make sure the coverage remains the same as before the transfer, unless additional coverage was mutually agreed upon.
Contact Your Agent: Reach out to your agent to discuss the increase in premiums. Ask for a detailed explanation of why the premiums have increased and whether any changes were made to your coverage or the pricing model used by the insurer.
Compare Offerings: Use this opportunity to compare your current policies with offerings from other insurance companies. Researching and obtaining quotes from competitors might highlight other options that fit your needs more economically.
Evaluate Bundling Options: Inquire about discounts for bundling multiple insurance policies through your agent or insurer. Companies often offer reduced rates if you combine different types of coverage, such as home and auto insurance.
Negotiate: If you believe the increase is unjustified or disproportionate, try negotiating the premium with the agent or insurance company. Sometimes insurers are willing to offer discounts to retain customers.
Consider Policy Adjustments: Assess whether you can make any adjustments to your policy that could lower your premiums. This might include increasing your deductible or changing your coverage limits, though you should weigh these changes against potential out-of-pocket expenses.
Review Payment Options: Check if adjusting your payment method or frequency could lower your costs. Some insurers offer lower rates for annual payments as opposed to monthly installments.
Seek Expert Advice: If the issue isn’t resolved, consider consulting a financial advisor or insurance expert to explore further solutions or seek legal advice if you suspect any malfeasance.
Ensure you keep records of all communications with your agent and insurer. If your concerns remain unaddressed, you may also choose to contact your state’s insurance department for assistance.
