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Our tricks to save you money on insurance

June 20, 2018
Author: Liz Giannetti

There is nothing worse than getting your insurance renewal in the mail and seeing that the premium went up. And most of the time, it really didn’t have a reason to, unless you had a claim. We keep seeing this on many of your home and auto policies when they are coming up for renewal. Here’s why it’s happening:

Most insurance companies have lost significant amounts of money on their auto books in the last several years and because they’ve lost money, they’ve taken rate increases. Why are they losing money? It’s because drivers have been staring at their smart phones, which means accident severity is up. This coupled with the increase cost of replacing bumpers due to all the technology, sensors and cameras means bigger payouts when someone files a claim. The actuaries did not price this into their models and the insurance companies have been forced to increase the rates.

Home insurance increases are due to insurers increasing premiums on their property books because the cost of their reinsurance has increased. Last year there were many natural disasters (hurricanes, wildfires) and these events increase the cost of reinsurance since the carriers took heavy losses. Insurance companies sell off a portion of their risk to reinsurers, which pay off the catastrophic losses. Since the cost of reinsurance has increased, it gets passed onto policyholders, which is a standard practice for all insurance carriers right now.

We review every policy when it renews, and when we see big increases in premiums, we take several steps to do what we can to get your premiums down.

  1. Rescore - We contact your insurance company to have your insurance rescored. Rescoring is asking the insurance company to run your credit again to see if it’s improved. If it improved, they have to give you a better rate. If it hasn’t, in Ohio they can’t charge you more, so the premium stays the same. A credit rescore has no impact on your credit score.
  2. Remarket - If the rescore is unsuccessful, we then will shop your coverage with our other carriers to see if one of them has a better rate for you. If one does, we’ll send you an email with information on the new carrier and policy to see if you want to move your coverage. If we can’t find a better deal, we’ll tell you to stay with your current carrier because they still have the best rates for you, even with an increase.

Doug’s Did You Know?

June, named after Juno, the goddess of marriage, is the sixth month of the year, and is one of the four months with a length of 30 days. June is also the month with the longest daylight hours of the year.

We’re Growing, Thanks to You!

We have added many new customers to our Titan Insurance Services family this year, and it’s all thanks to you! Please keep referring your friends, family, neighbors and co-workers so they too can experience a better way of dealing with insurance. For every new customer you refer to us, we’ll send you a $50 gift card as a token of our appreciation.