You have been with your insurance provider for a long time. Your renewal shows up in the mail. It looks different. You don’t recognize the name. That familiar logo is gone and replaced by something very different. Lots of changes. The news of your insurance provider being bought out, moving to another province or even rebranding to something new and unknown can raise questions and concerns about your rate, coverage, policy and service. Maybe it’s time to look around!
While it’s not the only reason you may be considering a switch, there are several things you should think about to ensure that your insurance needs are being met and will continue to be met in the future amidst all the changes that are unfolding. Here are a few things you may want to consider:
- Watch out for rising premiums: Take a close look at your premiums at renewal. Make sure that the rates have not increased and look to see that the coverage hasn’t been reduced. Maybe fees are now included that weren’t there before. Make sure you are comfortable that the new rates align with your budget and that you are receiving fair value for the coverage provided.
- Examine Customer Service: Customer service is a crucial aspect of any insurance relationship. Evaluate the new level of customer service delivery. Consider factors such as responsiveness, accessibility, and the quality of customer interactions. Have things gotten better or worse? If your provider has moved out of province the local service may not be the same.
- Assess Changes in Coverage: Examine any potential changes in coverage that may be brought on by the new provider. The new entity may have different policies, terms, or pricing structures. They may even be servicing your policy out of province. Just make sure that the coverage you require and service you expect remains consistent and that there are no surprises.
- Consider supporting local. If the changes with your existing provider have resulted in them moving out of province or being less supportive of the local community (and that is important to you), consider supporting an insurance provider that is committed to giving back to local sports teams, community groups and charities.
- Check for Discounts and Incentives: In some cases, there may be new discounts or incentives that were not available with your previous provider or some of these discounts are no longer available; deleted from your new policy. Assess whether you are still getting the value you had originally signed up for and if you still like your overall insurance package.
- Consult with a broker: Brokers are independent insurance professionals that are focused on working for the customer. If you’re uncertain about the implications of the changes to your insurance provider, consider consulting with an independent insurance broker. They can provide insights and help you assess whether switching your insurance is in your best interest.
The decision to switch insurance providers depends on many different factors. Take the time to be thoroughly aware of the implications of any changes that have taken place, assess your new coverage and costs, and consider consulting with an insurance broker to get all the facts and make an informed decision. Remember that your peace of mind and confidence in your insurance coverage and the level of local service you receive are paramount, so take the time to evaluate the situation and make the choice that aligns best with your needs and preferences.
If you are thinking about switching to an insurance broker or just want to see if you are paying too much with your new insurance provider, contact the insurance experts from Munn Insurance at 1-855-726-8627. As your local and independent broker, we’ll make sure you get the lowest possible rate with all the discounts. We will do all the work and let you enjoy all the savings!