A Piece of the Pie

A few weeks ago, I hopped on a call with my independent insurance agent as my auto policy was up for renewal. I expected a rate increase due to a fender bender in our household earlier this year, but I was still surprised when I saw the 36% hike in our auto policy renewal.

I get it, everything is more expensive. Your grocery bill, your home maintenance and repair costs, the energy bills, and all things transportation. Might as well tack on a bit more with insurance, right? But here’s the thing – insurance, while essential, is a commodity. There are hundreds of thousands of agents out there selling you a product to protect your household stuff. And just like any commodity, it pays to shop around.

When I was a kid, my parents had a process. Every couple of years, they would spend a few days doing something most of us would find tedious – they would call different insurance agents to compare rates. They would take notes on all the coverage details and once completed, they would spread them out on the kitchen table and comb through them, comparing and contrasting. It was like a treasure hunt, but instead of gold, they were searching for savings. I used to think they were just being overly frugal, but now I see the wisdom in it.

Recently, I decided to channel that inner childhood experience. I set aside a few lunch breaks, armed myself with a list of agents, and started making calls. At first, it felt like a chore, but as I went on, I started to enjoy the process. My memory was refreshed on different coverage options and discounts. I also found out that some companies offer better rates for bundling, while others have perks for good driving records or loyalty.

After a few hours of calls and some online comparisons, I ended up finding a policy that not only covered my needs better but also saved me a chunk of money (albeit still an increase). It felt like I had claimed a piece of the pie – one that everyone deserves after some diligence.

The moral of the story? Don’t settle for the first quote you get. Just because you have been with the same insurer for years does not mean you shouldn’t explore other options. Insurance is there to protect you, but it doesn’t have to break the bank. By shopping around, you’re taking control and making sure your family is getting the best value for the money. It is empowering and, quite frankly, a smart move in these times when every dollar counts.

So, next time your policy is up for renewal, take a page out of my parents’ book. Dedicate a little time to see what’s out there – it does not have to be a chore. You might be surprised by the savings you find and the coverage improvements you can make. It is a simple step that can lead to significant benefits. After all, just like any other commodity, it pays to be an informed and proactive consumer.