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Insurance ‘re-rate’ could help save you money

If you’re looking for ways to cut expenses, checking with your insurance companies might pay off.
Published: Jun. 3, 2022 at 10:39 AM EDT
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InvestigateTV - If you’re looking for ways to cut expenses, checking with your insurance companies might pay off.

If you haven’t had any car crashes or fender benders in several years, if you have no claims against your auto insurance or your homeowner’s insurance, Michael Joyce with the financial firm Agili said it doesn’t hurt to ask for a re-rate. He said if you’ve not had any claims in recent years, you could likely see a drop in your premiums.

“They’re not going to offer this to you. They’re not going to send you an email saying, ‘Hey, we want to lower your lower your premiums right now’ but they’re in a competitive environment as well. They’re looking to keep you as an insured,” Joyce explained.

Joyce said it’s good to get into the habit each year of reviewing your insurance policies to make sure they cover what you need. He added that a financial advisor or trust insurance agent could also help you see if a re-rate would potentially work in your favor and save you money.