What to Look For When Reviewing Your Auto Policy For The New Year
When the year changes, it’s not just the calendar that starts over. Most things, like insurance policies, also restart on January 1, and that means that you might spend the beginning of the year deciding if your policy is the best way to go. It’s simple to just renew at the end of your year and go with whatever they’re charging you, but in this situation, ignorance is not bliss. In fact, not doing your homework can lead to much higher premiums than you deserve.
Check The Amount Of Coverage
There’s a chance that you don’t need as much coverage this year as you did last. It’s also possible that you need more. If your driving habits have changed in the last year, and you’re driving much less, than you may not need the kind of coverage that you had before. If you were running your own business last year and using your car, you needed higher coverage. If you’re now working a full time job and just driving back and forth from the office, then you don’t need the higher corporate coverage anymore.
If you got married, had a child, moved to a different state or made any other major life changes, you may need a different level of coverage than what you had before. Paying for too much is silly, but paying for too little is downright dangerous. Make sure you are comfortable with the levels and that everyone who needs to be covered by your policy, is covered by your policy.
Claimless and Blamless
A lot of insurers are offering discounts or rebates if you go the whole year without making a claim. That can pay off for you when it comes time to renew. Remind them of your history as a customer as well as your good driving record. If you have a pattern of being a good driver, there should be something in it for you. If there isn’t, it’s time to start looking for another provider unless your rates are incredible before the rebate or credit.
Bundle Bundle Bundle
By going with several different policies from the same company, you can save a lot of money over alternatives. While this doesn’t rely on anything changing with your driving history or car insurance coverage, you may be able to save substantially if you’ve purchased another vehicle, bought a house, rented a new place, need life insurance or more. Look at what you’ve done in the last year and what you’re paying for coverage for. Shop around for the price to bundle the best coverage necessary for each of your needs. You may be able to get better coverage for each thing from your current insurer without paying anything more. Better yet, you could even save quite a bit.
Starting Over Again
Most people hope that the new year means better decisions and more financial security, and thoroughly checking out your coverage is just another way to ensure this. Don’t pay for more than you need while making sure that last years coverage is sufficient for this year.