Negotiate Your Insurance Renewals

I just got off the phone with the CEO of a small insurance company in the  northeast.  He is David.  His competitors are Goliath.

He told me that all I have to do to get Goliath to drop their price is tell them that David is providing a quote.  He said premiums drop by 40% with the mention of his company’s name.

Most insurance buyers have no idea how much latitude insurers have in the pricing of policies.  To use the language of accounting, there are very low fixed costs.  It’s all about quality of risk and the incentive the underwriter feels to write/keep your business.

Negotiate with your insurer.  Ask for credits and discounts.  Request better premiums, better coverage, and a higher level of service.  If you don’t ask, you will not get it.