Shop Your Insurance Regularly

Video Transcript

Hey, my name is Chris with Money Burst, and welcome back to another video. Appreciate you joining me again.

I want to know, when was the last time that you went out and shopped for insurance? And this could be any type of insurance - auto insurance, renter's, homeowner's insurance - I think chances are that you went out and looked when you bought a new car, or you moved into your new place. And then that was it. You never went back out again and looked. Well, you could be paying way more than you need to if this sounds like your situation.

So today, let's talk about a few reasons why it's important to continue to shop around for insurance, even if you're already covered. So, you may feel perfectly happy with the rate that you're paying right now, but insurance policies for your car and your home do tend to creep up over time. And because many of us are only paying these bills once or twice a year, it can be really easy to not know these subtle price increases.

Shopping around can let you know if what you're actually paying is a fair price. For me, I waited years, far too long, before shopping around for car insurance. And then when I finally got around to it, I was able to cut my costs by over 800 dollars a year for the exact same coverage I already had. And so, I really wish I hadn't put this off so long.

Another great reason to shop around is that a new company might offer some really great discounts for things that you might already be doing. This could be things like paying for a full year up front, or bundling together several different policies into one. This could save you hundreds of dollars each and every year.

Lastly, you may be saying to yourself, 'Look, I love my current insurance company. They have been treating me really well over the years and I just don't want to leave them.' And this is 100% valid, but it does not mean that they couldn't be treating your wallet even better.

So going out, shopping around for insurance will let you know if what you're paying is in line with what other companies are charging. And if you discover that you could be saving a lot more money by moving elsewhere, let your current insurance company know, and I think you will be surprised at what discounts suddenly become available if you mentioned that you're thinking about switching to a competitor.

Thanks for joining me here on Money Burst, and get out there and shop around for insurance.