Before you shop for cheaper insurance, review your current coverage, discounts and deductible to save without sacrificing protection. Keep in mind:
1. Cheaper quotes can mean less coverage (limits, features or higher deductibles).
2. You may be able to save by adjusting your deductible, confirming discounts and updating your home and vehicle details.
When your insurance renewal arrives, it’s normal to wonder whether you could get a better price somewhere else. But if your first move is to shop your insurance, you may be leaving both money and coverage on the table.
Often, the easiest way to save isn’t switching insurers – it’s taking a closer look at your existing policy.
Before you start comparing quotes, here’s what to consider.
A lower premium doesn’t always mean better value
Price matters. But when it comes to insurance coverage, the cheapest option isn’t always the best if you need to file an insurance claim.
A lower premium often means lower coverage limits, fewer features or a higher deductible. While a cheaper quote may look good upfront, it could cost you significantly more in the event of a claim.
If you’re comparing prices, make sure you’re also comparing coverage. Your insurance policy is meant to protect your finances from losses you couldn’t reasonably pay for on your own – not just meet a minimum requirement.
Savings may already be built into your policy
A careful review of your current policy can uncover ways to save without reducing protection. An Acera Insurance advisor can help you look at:
Your deductible
A small increase to your deductible can sometimes result in meaningful premium savings. Just make sure that the out-of-pocket amount still fits comfortably within your budget.
Your discounts
Bundling home, auto and recreational vehicle policies often leads to multi-policy discounts. At Acera Insurance, we also offer discounts for all clients that have a commercial insurance policy with us.
Updated home or vehicle details
Have you made upgrades to your home like installing a water detection system or a hail resistant roof? Renovating to protect against severe weather may also lower your home insurance premiums. Keeping your policy details current can help you avoid overpaying.
Switching insurers resets more than just your premiums
Changing insurers isn’t just a price reset, it’s a coverage reset too.
Not all policies include the same benefits, limits or optional coverages. What looks like a better deal may actually offer less protection or exclude features you already have.
Loyalty can matter to insurers – some may offer flexibility or discretion to long-term clients – benefits that don’t transfer if you switch. If you’ve recently had claims, tickets or lapses in coverage, changing providers could mean higher rates or fewer choices. While they may not explicitly forgive claims, insurers often value loyalty and may be more accommodating.
Finally, shopping around takes time. New applications, reports, payment plans and credit checks all add more complexity to the process. Your credit score can also impact your insurability since it helps determine how big of a risk you are. If your credit score has decreased, this can lead to an increase in your premiums.
Talk to your Acera Insurance advisor before you shop
If you’re thinking about shopping your insurance, start with a conversation, not a comparison site.
An Acera Insurance advisor can review your current policy, identify any missed savings and help ensure your coverage still fits your needs. If switching truly makes sense, we’ll make the process as easy as possible.
Information and services provided by Acera Insurance, Acera Benefits and any other tradename and/or subsidiary or affiliate of Acera Insurance Services Ltd. (“Acera”), should not be considered legal, tax, or financial advice. While we strive to provide accurate and up-to-date information, we recommend consulting a qualified financial planner, lawyer, accountant, tax advisor or other professional for advice specific to your situation. Tax, employment, pension, disability and investment laws and regulations vary by jurisdiction and are subject to change. Acera is not responsible for any decisions made based on the information provided.
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