Can You Negotiate a Better Insurance Rate?

Strictly speaking, your insurance rate is not something you can haggle. But there may be some great ways to save if you know where to look.

Insurers set rates based largely on loss statistics as well as insured value. This means your rates are determined by both individual rating factors and broad rating factors that affect a wider group of policy holders. For example, owners of homes along the coast may pay more for coverage than for coverage of the same home in an area with less weather risk. While just an example, this underscores the point that insurers do not choose favorites when setting rates. Rates are driven by data and your broker cannot change your rates on a whim. However, your broker can help you structure your coverage in a way that provides the most protection while also looking for ways to save money on your policy.

A cost-effective policy considers your coverage needs while also looking for discounts or other ways to save. While coverage amounts affect the cost of your policy, it is best to work with your broker to find the right coverage limits and focus cost-saving efforts on policy structure and available discounts.

For example, you can often save money by purchasing more than one type of policy from the same insurer. This is called bundling, and the most common way people bundle to save is with their home and auto policy purchased from the same insurer. Many insurers also offer discounts for bundling life insurance or an umbrella policy as well.

You may also find discounts for safety features in your home or for staying accident-free while driving. Many insurers offer discounts for good students or even for autopay.

Not every discount is a fit for every household, but your broker can walk you through your options and review your coverage to be sure you are as protected as you need to be while paying the lowest price possible.

Reach out to one of our specialized Brokers today to find out how we can help you.