Is the Cost of Insurance Rising with Inflation?
SmartFinancial is a leading insurance marketplace serving the needs of insurance customers across all 50 states in the US.
As a technology company, SmartFinancial simplifies the insurance-buying experience with a transparent insurance-technology platform that matches shoppers with the right insurance products. This makes the entire process of shopping for insurance simpler and more efficient.
With inflation on the rise and so much uncertainty with the economy, budgeting and saving money is more important than ever. A smart way to save is to make sure you shop and save on your insurance. Below are some common questions and answers that can help you do just that.
With prices soaring, what are the best ways consumers can save money on insurance?
Compare prices for all types of insurance every six months because each insurer rates each person differently and rates change daily. Use a comparison site like SmartFinancial to save time.
What types of insurance coverage changes lead to the biggest savings?
Raising your deductible is the easiest way to see big savings for both home and car insurance. Also, ask your insurance agent about the types of discounts the carrier offers.
How much money can consumers save by updating their insurance yearly?
You can even save by comparing insurance rates every six months. Why not? You can save up to 40% on premiums.
When are the best times to compare insurances? Is there a specific season or life event that signals a chance to save money on insurance?
Many life events may make you eligible for a lower rate. You may end up saving with an existing policy or a new one, if you get married or move to a better neighbourhood or if you get a new job or buy a home. If your credit score improves, make sure to compare insurance rates. If your rates increase, you should shop around to see if another carrier can offer you a better deal. If you haven’t compared prices in over six months, you’re probably paying too much for insurance.
Is the cost of insurance also rising with inflation?
If you’re buying insurance now, you may be paying more due to inflation, but not if you shop around for a competitively priced policy. If you’ve been insured for over six months, you may be underinsured as a result of inflation so that your limits are too low to cover an accident without you being responsible for an outstanding balance. Inflation is heavily affecting insurance coverage limits, which are no longer adequate for rising prices in parts and labour. You may want to consider increasing your limits in case you do need repairs on your car or home.
How is SmartFinancial utilising technology to help consumers adjust to inflation?
You can still find an affordable insurance policy despite inflation if you compare rates and insurers. SmartFinancial takes away the legwork of comparing prices, which can help you find the most affordable policy available in your area. After users share their information one time, they are offered competing rates from the larger insurance companies all the way to the small local ones.
With inflation on the rise and so much uncertainty with the economy, budgeting and saving money is more important than ever.
Do consumers receive any negative consequences for switching insurances, such as financial penalties or other fees?
Whether or not you’ll be fined with penalties and fees depends on a few factors. Different insurance companies have different policies. You may or may not get your policy prorated for the amount of time your policy was active. You may or may not get fined for cancelling, depending on the terms of your contract. The best time to switch is just before your renewal date to make sure you don’t get fined. Also, make sure to have an active policy before cancelling your old one so you have no gaps in coverage.
How does SmartFinancial keep the human element in an industry and world, that is vastly increasing the presence of automated and chatbot solutions for customer service?
SmartFinancial is built by people and powered by technology. We have call centre concierges all across the country for people who would rather speak with a live agent for a free quote rather than filling out a questionnaire online.
What is the one thing you wish everyone knew about insurance?
Insurance is not meant to be used unless it’s a cost that would otherwise be a great financial burden. Use it when you can’t afford to pay out of pocket. As a rule of thumb, never file a claim for any repairs that are below or slightly over your deductible amount. It’s just not worth it. Several claims can lead to a higher insurance rate.