Penn. Regulator Advises Consumers to Review Insurance Policies This Tax Season
March 8, 2013 by N/A
Tax season is in full swing, and Pennsylvania Insurance Commissioner Michael Consedine is encouraging 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,” Commissioner Consedine said.
Insurance Costs Among Top 5 Household Expenses
“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,” the commissioner advised.
Consedine offers these tips for consumers:
• Tell the insurance agent/insurer about any updates from the previous year. Things change and so do the insurance needs. The 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 policies. A consumer’s auto insurance company may also be licensed to sell homeowner’s policies. 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 being compared 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 the individual.
• Read the insurance policy. It is a contract and is very specific about what is, and is not, included.
The Pennsylvania Insurance Department offers consumer tips and information on its website at www.insurance.pa.gov.
