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Saving money on auto insurance
Florida regulators issued a memorandum to insurers recently to eliminate the use of something called price optimization. That’s probably an unfamiliar term to most people. It’s interesting that the memo had to define what “price optimization” is in order for insurers to stop doing it. Simply, the memo from the Florida Office of Insurance Regulation was to stop a practice that few insurers are using in the first place and that may actually help lower insurance costs.
Price optimization is a tool that other industries have used for years,
Last week was Older Driver Safety Awareness Week, and while it was an event that just sped past me, it offered an idea worthy of putting in park for contemplation. When you’re considering hiding the car keys from an aging relative, suggest a driving fitness evaluation from a third party.
I think about insurance all the time; you probably don’t (unless you too work in the biz). Truth be told, there are probably 10,0000 other things you’d rather think about. But another truth is that thinking about insurance at least a few times a year is really worthwhile. And, there’s an easy, free way to keep coverage top of mind.
Let’s say you bought something that cost an average $1,900 each year and never took the time to figure out how it works. If you knew that in just 20 minutes you’d have it figured out, would you invest the time?
Investing time – and gaining confidence – in your insurance protection is exactly the point of the Insurance Information Institute’s new consumer email program. CHECK20 is an important new step in our mission to explain what insurance is and how it works. It’s easy, it’s free and its intent is to empower policyholders to be fully engaged in the insurance decisions affecting their family and finances.
Here’s something to look forward to as December closes out: An end to all those back-to-back TV commercials for new cars. (Goodbye to the holiday jingles featuring a certain crooner from the ’90s…) Continuous car ads must be paying off. According to The Detroit Bureau, an automotive news source, U.S. consumers will spend more than $34 million this month on new vehicles. Automakers have a lot of incentive offers available right now, so if you’re in the market for a new car, you also have incentive to review your auto insurance policy.