Shopping around might pay off

An insured contacted our office to inquire why his insurance company had increased his premiums by a substantial 10% and 17% in two consecutive years, despite having no accidents or driving convictions during that period.

We reviewed the rate increases approved by the Insurance Board and determined that the premium adjustments appeared to fall within the insurer's authorized rating parameters.

Although the client was initially reluctant to switch insurance providers, we suggested that he compare rates in the marketplace. After shopping around, he found another insurer willing to provide equivalent coverage at a premium that was approximately $700 less per year. As a result, he ultimately decided to move his policy to the new insurer.