Alan Long, of Eldredge & Lumpkin
The tough economy is not only visible in the headlines, but a reality that most of us face daily. In recent months, we've seen many customers lose their jobs, retirees watching their income from stocks and pensions disappear and entrepreneurs lose their jobs. These have had a very decided net down effect and, therefore, many of our customers have difficulties to keep abreast of their premium payments.
insurance assumes an undesirable connotation in those moments. It is an intangible that can induce the reaction, why put my assets to decrease something that can never be used? Unfortunately, driving a car requires insurance, carrying a mortgage requires insurance and success in tenders for jobs requires insurance. So it is necessary to find an acceptable way to manage these payments. This is where your insurance agent will help you.
A policy review with the customer service representative of your agency (CSR) will help determine if you have adequate coverage for most economical meet your individual needs. The key is to find ways to make it work for you.
When you talk with your CSR before a cancellation occurs, you can save money and grief. Here's why:
- Each time you receive a notice of cancellation insurance (even if you get your payment before it is effectively canceled) the company charges a late fee. They range from $ 20- $ 35
- If your policy is canceled due to non-payment -. Even for the first time -. Most companies will need a replacement policy to be paid in full up front
- If your policy is canceled and must be rewritten, you will lose all the benefits of acquired rights; these may include preferential credits, loyalty credits and the status of pre-insurance exemption.
- Losing a policy can be expensive for the owner of Cape Cod. We have seen companies refuse to renew homeowners policies that have received too much notice of cancellation.
- Even if Massachusetts does not allow credit to be used as a factor in setting insurance rates, the number of issued cancellations can affect the notes you receive.
- cancellations will affect your credit rating and have a ripple effect on your overall credit rating.
Find ways easier to pay your bills. Getting organized can remove some of the stress and avoid late fees. Here are some suggestions:
- Keep a list of your policies and their effective dates. Renewed policies require at least one payment by the effective date.
- Get a list of your payment dates. Most companies charge a fee of $ 4 $ 8 per slice. If you pay in 10 installments, you could be paying an extra $ 80 per year in installment payments for your insurance.
- Pay the bill at a time of year when the payment is more manageable.
- Pay your bills online. Using the e-mail could lead to payments.Companies end review your premium paid on the date they receive at their place of business; then it is considered "late".
Be sure to contact your agent and company. This is the best way to save money and time on your insurance premiums.
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