It’s time to review your insurance

RICHMOND, Va. (WWBT) - Trying to find a way to cut an expense and save a little money each month? How about asking insurance companies for a re-rate?

If you haven’t had any car crashes or fender benders in several years this might work for you. Also, if you have no claims against your auto insurance or your home owner’s insurance, Michael Joyce with the financial firm Agili says it doesn’t hurt to ask for a re-rate. He says 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 premiums right now, but they’re in a competitive environment as well. They’re looking to keep you as an insured,” said Joyce.

He adds that it’s good to get into the habit each year of reviewing your insurance policies to make sure they cover what you need.

He also says 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.

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