Insurance switch savings questions

[TinkOhio]

Okay...we're asking for more money-saving advice from the wonder Budget Board peeps.

We recently purchased a new car at a great discount thanks to a tip from another Dis member on these same boards. (Thanks, Here757!) Now, we're looking to save even more money by switching our insurance coverage. We currently use the same company that we've used for the past 20+ years. Our credit rating is very good. We've only filed one claim in all that time, and that was for a small fender-bender. We always qualify for the "safe driver" discounts. DH has been teaching for over 23 years at the same school and is tenured, so there is little risk of unemployment. We've been watching our insurance rates climb every year, and they now seem very high. DH decided to call and ask for a quote from a company that deals specifically with rates for teachers, firefighters and police officers. It comes highly recommended from the NEA. The rates for the same (and in some case better) coverage were about 55% of what we are now paying! We knew that we were probably overpaying before, but holy cow!!

So...are there other things that we need to consider before jumping ship? Will the switch somehow adversely affect our credit rating? DH checked the ratings of the new company and they are very good. What else should we look into before deciding to go ahead and do this?

Thanks so much for any and all help!

 

[sorul82?]

If the company is Horace Mann, they are a good company.

 

[sorul82?]

Just make sure the coverage is exactly the same as what you have now; get them to print out the quote.

 

[JB2K]

Will the switch somehow adversely affect our credit rating?

No, it will not -- as a mater of fact, it will not even appear as an entry (much like individual credit-based accounts).

Insurance companies just "pull" credit reports to determine how a person handles their finances.

 

[sorul82?]

Insurance companies just "pull" credit reports to determine how a person handles their finances.

Don't know about other states, but in NC, it is a soft hit on the credit like opening a checking account.

 

[here757]

wow wee! thanks for the shout out

make sure you check the score by the ins company...

make sure its a solid company. the company i am insured with is a AAA rating. geico is a think an AA . the more a's the better.

long as its the same coverage.. line by line. and the score is at least a 2 A go for it

when they pull the credit it is a soft hit. means they only look at it. its different then a credit card. a credit card can impact your debt to income ratio etc etc.

ur insurance company will check ur credit every 6 months to a year based on your policy. a 6 month policy will check every 6 months and a year long policy will check once a year

 

[sorul82?]

wow wee! thanks for the shout out

I see you live in VA. I place a lot of my customers with Alfa Alliance; ever heard of them? I just moved my HO from Erie and auto from Farmers, now both with Alfa.

 

[BCV2003]

I just switched insurance companies last week. I went with a well known insurance company who offered group discount rates to my employer. I had been meaning to get a quote for a year and I finally did. I wished I would have done it a year ago.

I got the same exact policy (actually + a bit of extra coverage) and I'm only paying 63% of what I was paying. I was very excited!

 

[debbywilder]

In addition to rates and ratings, try and talk to people around about their personal experiences. It is very important that the company you select has a good record claims handling and customer service. My uncle is very happy with his Ohio auto insurance company, The Hartford, and keeps sharing about his savings through the options he is offered. You may want to try them now that you are comparing rates and exploring options.

 

[wmharley]

We thought about comparing ours but we have USAA so we stay sicne we also ahve the home and life isurance with them.

Their quality is top notch.

now when I was younger and pre-usaa, I switched a bunch... So go for it.