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Negotiating insurance can save you hundreds of dollars a year in premium payments. You need to be confident when you enter insurance negotiations. In order to appear more confident, have the facts and come prepared to the negotiation.
Tip #1 Know what you need
More coverage is not always better coverage. Too much purchasers simply elect whatever an insurance company recommends in terms of covered claims. However, if you review your losses in previous years, you may learn you do not need every line your insurance agent is recommending.
Tip #2 Get Quotes
You should always approach more than one company for a quote. Even if you know which company you would like to work with, having a standard to compare against will give you power at the bargaining table. Try getting quotes from at least 3 insurance companies before making any decision.
Tip #3 Be Flexible
You should appear flexible on the issues that are not of high importance to you, such as how your premiums are paid. Be willing to pay monthly, quarterly or yearly to meet your budget goal. Be stern only with the items that matter, for example the total premium paid each year. This gives you some cards to play when the time comes to negotiate price.
