3 reasons to shop around for insurance regularly
When you buy a car, it’s likely your next purchase decision will be an auto insurance policy. If you’re like most people (including me), you buy the coverage and move on with your life. Insurance is kind of like your plumbing that way: you probably don’t give it a second thought unless something goes wrong.
But it pays to think about your insurance (and your plumbing) before you really need it, reviewing it yearly can help you get the best coverage at the best price.
Here are 3 reasons why you should shop around for insurance on a regular basis:
Your coverage needs will change
One of the constants in life is that nothing stays the same. When you bought your policy, you based your decisions for coverage on what your life looked like then. If it’s been a few years, chances are pretty good that something is different now.
Maybe you’ve had a child, or changed jobs, or even bought a house. All these things can change your needs for insurance. Having a child might mean you want buy more coverage for other emergencies. Changing jobs might mean you are transporting clients in your car and need business insurance coverage.
Whatever your situation, chances are pretty good that something has changed and your coverage needs too as well. Shop often and find the best coverage for your current situation.
Get the newest insurance products
Despite the fact that insurance always looks the same to the average consumer, the truth is that it’s always evolving. There are always new insurance products coming out that might suit your needs better than what you have now. Shop around for insurance in order to make sure you have what meets your needs.
If you are a young, there’s a good chance you are paying the high rates that always comes with being a newer driver. One of the newer products to arrive on the Canadian market is usage-based insurance. With this product, the insurer monitors your driving habits using a special device – and gives you a discount if they deem you a good driver.
Shop around for insurance on a regular basis to keep you in touch with what’s out there.
Comparison shopping saves money
One of the best reasons to shop around for insurance regularly is to save money. If you live in a province with privatized insurance, comparison shopping can be a great way to cut costs. Insurance companies want your business and will try to offer you the best rate they can.
Even half an hour surfing the internet could potentially save you hundreds of dollars. Use an online broker site to compare several different rates at one time for convenience and best results.
Image Courtesy of Adobe Stock