Are there better times of year to buy insurance?

Submitted by lilacsigh on Thu, 12/13/2007 - 04:49

While I was answering a post to HungryAgent, I started wondering. Is there a seasonality to the insurance industry?

By that I mean would you get a better deal by purchasing a new one or switching insurance policies in the summer than winter, for example?

Is any particular month that's better than another one? I always look at mine in the New Year when I'm reviewing many aspects of my life in general.

Questions, questions. :lol: It just hadn't occurred to me that there might be until now so I thought I'd ask you good people if anyone had noticed any kind of pattern. Thanks in advance!

Posted: 13 Dec 2007 06:56 Post Subject: seasonal property insurance

i have heard about some thing called a seasonal property insurance - wherein the owner may extend the coverage for his already registered assets towards covering another asset/property for a brief period of time. For instance, if he has a seasonal home or a boat that has been fixed (to be used for staying purposes) then he may protect these under the same coverage that protects his original home. Did you hear the same thing ! Carlablue

Posted: 13 Dec 2007 07:22 Post Subject:

Hi!

I've heard of auto carriers who'd offer you coverage (for a vehicle that gets shelved for a particular time) through a short stint as they feel its safer to cover the vehicle for the 'off-season' time. This happens especially when you have such a car that you wanna preserve during the chilling months & feel uncomfortable about paying for the premiums when you are not using it. But then you ought to remember that you won't be able to drive it for all those months since you are not protected.
Keep in touch!
Norma32hepburn

Posted: 13 Dec 2007 07:46 Post Subject: season of enjoyment

hi lilacsigh!

Its quite understandable that there are certain line of businesses which have a fixed tenure due to their nature of operation & market demand eg. an open-air ice-skating ground, a swimming club (at a place that freezes during winter months), a circus etc.
Now you see it all depends on the season of enjoyment & hence insurance sustains for that period only. The coverage would cease to exist once the business is over for that year. Am I right !
Tallernstronger

Posted: 14 Dec 2007 12:48 Post Subject:

i have heard about some thing called a seasonal property insurance - wherein the owner may extend the coverage for his already registered assets towards covering another asset/property for a brief period of time. For instance, if he has a seasonal home or a boat that has been fixed (to be used for staying purposes) then he may protect these under the same coverage that protects his original home. Did you hear the same thing ! Carlablue



No, I had not, Carlablue, that's news to me! Interesting. My father has a boat actually, I'll mention that to him. I'm not sure if he has any kind of insurance for it at all since the subject's never really came up. Thanks very much for the information and nice to meet you. :)



I've heard of auto carriers who'd offer you coverage (for a vehicle that gets shelved for a particular time) through a short stint as they feel its safer to cover the vehicle for the 'off-season' time. This happens especially when you have such a car that you wanna preserve during the chilling months & feel uncomfortable about paying for the premiums when you are not using it. But then you ought to remember that you won't be able to drive it for all those months since you are not protected.
Keep in touch!

Norma32hepburn



Norma32hepburn, thank you for that. :) Reading your post made me think about my aunt. She refuses to drive her car in the winter months because she's scared of the roads, so it sits idle over that period. I'm wondering if that would be a suitable insurance choice for her. It's always seemed silly to me that she'd be paying premiums all those months when it was sitting the garage but I wasn't aware you could get policies like that.

If anyone can share more information on that kind of insurance coverage, I'd like to learn more. Nice to meet you, Norma and thanks again!



Its quite understandable that there are certain line of businesses which have a fixed tenure due to their nature of operation & market demand eg. an open-air ice-skating ground, a swimming club (at a place that freezes during winter months), a circus etc.
Now you see it all depends on the season of enjoyment & hence insurance sustains for that period only. The coverage would cease to exist once the business is over for that year. Am I right !
Tallernstronger



Yes,you are indeed when you put it like that, Tallernstronger. :) I just hadn't considered it before. I was thinking about the more personal side of insurance but in business it definitely makes sense for seasonal types like you mentioned. You learn something new every day! :) Thanks for the input , it's nice to meet you.

I really appreciate you all taking time to respond, thank you again! I look forward to hearing more thoughts on this as my interest is now piqued. :lol:

Posted: 21 Feb 2008 03:43 Post Subject:

Don't buy life insurance the day after Thanksgiving. Normally, you weigh more and your sugar may be high.

Also...don't buy car insurance the day after an accident. That is a red flag.

Don't buy homeowners insurance if you don't own a home.

Don't buy disability insurance if you are a goat.

Don't buy life insurance on yourself if your wife is trying to kill you.

I guess I'll stop now. It's late and here in Beirut we are bracing for another war.

Posted: 27 Feb 2008 06:03 Post Subject:

Don't buy life insurance the day after Thanksgiving. Normally, you weigh more and your sugar may be high.



Actually, you can buy a policy the day after Thanksgiving if you suffer from Bulimia nervosa. That condition, however, may cause your policy to be rated - slightly. If not, just postpone the paramed for a couple weeks.
[SARCASM] LOL

Also...don't buy car insurance the day after an accident. That is a red flag.



This is all a matter of timing. It also depends on whose car was involved, if you were driving, and if you got caught.

Don't buy homeowners insurance if you don't own a home



Then you buy renter's insurance, Duh!

Don't buy disability insurance if you are a goat.



I suppose that depends on how close you are to your master. Lloyd's of London will insure goats for disability.

Don't buy life insurance on yourself if your wife is trying to kill you.



Why not? Guys do it all the time. They then let their wives know they're leaving the proceeds of the policy to their girlfriend. This usually expedites the killing process.

Posted: 27 Feb 2008 06:38 Post Subject:

Now you see it all depends on the season of enjoyment & hence insurance sustains for that period only.



Exactly! :?

Posted: 28 Feb 2008 03:54 Post Subject:

And I'll add a new one. Don't buy auto insurance if you have no license.

Re the Goat...Lloyds covers a lot of things (remember...they are essentially a consortium of different carriers) but goats are off limits...especially in Persian countries.

Posted: 29 Apr 2008 10:28 Post Subject:

There is definately a seasonality in the Health Insurace business.

Ususally in august or september most of my carriers increase their rates for new policyholders. I am pretty sure this is in anticipation of people getting their yearly rate increase letters in october and november (effective jan 1). Also november and december is usually the benefits enrollment period for people on group insurance plans, so there are more people switching at that time of year.

I have also seen new policyholder rates drop on a few carriers during febuary and march which seems to be a slower time of year.

mac

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