Pennsylvania Annual Insurance Policy Reviews Could Save You Money
HARRISBURG, Pa., March 5, 2013 /PRNewswire-USNewswire/ -- As Pennsylvanians tackle the annual task of preparing to file tax returns, Insurance Commissioner Michael Consedine encouraged consumers to go the extra step this year and review their insurance policies.
"Facing higher tax rates this year, consumers are looking carefully at how they spend their money," Consedine said. "Typically, insurance costs are among the top five household expenses, so it's important to review your policies to save money where you can without being underinsured."
Consedine offers these tips for consumers:
- Tell your agent/company about any updates from the previous year. Things change and so do your insurance needs. Your car is another year older, so re-evaluate coverage limits and deductibles.
- Home renovations or high-ticket purchases like electronics and jewelry should be accounted for.
- Life-changing events, like the birth of a child or quitting smoking should be reported.
- Ask for discounts. Some auto insurance companies offer discounts for completed driving courses, students with good grades or for clean driving records.
- Bundle your policies. Your auto insurance company may also be licensed to sell you a homeowner's policy. Bundling could also mean a discounted rate.
- Compare prices. A good rule of thumb is to ask for quotes from at least three insurance companies. Be sure the quotes you are comparing are identical, down to the limits and the deductibles. Also make sure the company is financially sound, provides good customer service and offers the policy that is right for you.
- Read your insurance policy. It is a contract and is very specific about what is, and is not, included.
For more consumer tips and information, visit www.insurance.pa.gov.
Media contact: Rosanne Placey or Melissa Fox, 717-787-3289
SOURCE Pennsylvania Department of Insurance