Best Time to Shop for Personal Insurance

when is the best time to shop personal insuranceShopping for insurance isn’t the same as shopping for other products. There aren’t typically any sales, clearance events or other promotions you can use to lower the prices of your policies, so you may wonder if one shopping time is better than another.

In general, you can switch insurance policies at any time. However, many policyholders find that they benefit most when they switch policies at the time their current policy is set to renew.

Benefits of Shopping near Renewal

Most personal insurance providers mail out renewal paperwork at least a month before the policy’s actual renewal date, giving you plenty of time to read about your future rates and shop around for a better deal. In addition, having a recent copy of your declarations page makes it easier to compare coverage options.

If you decide to switch to another provider, doing so on your renewal date also gives you a clean break from your former insurance company. However, if you let your current insurer know that you are thinking about switching, you may even receive an extra discount that makes it more beneficial to keep the same policy.

Shopping for Insurance at Other Times

Even though it may be more advantageous to shop for new auto or home insurance near your current policy’s renewal date, you can switch to a new provider any time. if you choose to switch, you won’t typically owe any penalties, and you will receive a refund for your unused premiums.

To get the most out of shopping for new insurance in the middle of a term, be sure to keep your payments with your current insurer up-to-date to avoid lapses. Have an idea of how much you want to spend on your insurance, and compare quotes from multiple providers to find the best deal (which is a benefit when you work with an independent insurance agent who will get quotes from multiple insurance companies). If you decide to look for a new policy in the middle of your term, you will also have more freedom when determining the policy’s start date and payment date, so take advantage of this opportunity and choose the day that works best for you.

Contact an Independent Insurance Agent

Whether you are shopping for a new insurance policy close to renewal or in the middle of a term, an independent insurance agent can help you find the right policy. At Pacific Unified Insurance, we have access to quotes from all the top insurers, so you can be sure you are getting the best deal. Please contact us today to learn more.

Dave Leahy (137 Posts)

Born and raised in Southern California, Dave was educated at Loyola High School and Arizona State University. After graduation, he founded two successful restaurants in Arizona, eventually selling them to move back to California. He began his insurance career working for Canadian Indemnity Insurance Company before joining Frank M. Flynn & Company in 1979. In 1985, he purchased the agency, eventually joining other local insurance agency owners to form Pacific Unified Insurance in 1992.


Filed under: Independent Insurance Agents,Personal Insurance,Personal Insurance Agent — Dave Leahy @ 9:46 am August 30, 2017


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