How to Perform an end of the year insurance review
Somewhere between the hectic acquisition of desperate last minute gifts, making and/or eating an obscene quantity of food, and having a few sips of wine on New Year’s, many of us start thinking about how we can better ourselves. “I will bring my lunch to work every day,” we might say. “I will brush the dust off my gym membership card and see if the bar-code hasn’t eroded yet.”
Luckily, not all resolutions will force you to re-examine your purpose or question your worth as a human being. Some only require that you re-examine and question the worth of your insurance policies. Less exciting to be sure, but also less dark and terrifying. It also represents one of several ways to alleviate spending during the holiday season.
Here are some tips on how to perform an end of the year insurance review.
Compare needs vs. coverage
If you’ve had the same insurance policy for a while, it is worth considering a change in coverage. Does your existing policy still cover everything you need it to cover? Does it cover more than you need it to?
Finding the right amount of coverage can be tricky, but it’s most tricky when we expect an old policy to cover a new version of our lives. That is why it always worthwhile to re-examine your coverage, and how it fits in with your current situation.
Compare competitor rates
Insurance shopping probably isn’t at the top of the list for things to do with your time off, but looking for better rates can be a nice little present to yourself. It doesn’t take that long and it can save you some serious money.
We may be bias, but HUB Insurance Hunter’s comparison tool is a pretty good option. Just take a few minutes to see what’s out there. If you find a better option than what your provider is currently offering, either make the switch or use the find to negotiate a better deal with your current provider.
Consider anything that has changed
Sometimes changes can trigger insurance discounts. For example, auto insurance premiums usually decline when you reach certain age milestones, like 25 or 50. Moving from one city to another might also help your auto insurance premiums, and can make a difference to home insurance as well.
It may be worth looking at your provider’s website to see whether you have triggered any of these discounts. At the very least, take a minute and call your provider to mention any significant changes you’ve made, and ask whether they could help reduce your premiums.
Reviewing your policies in these ways won’t always net you big savings, but getting back a little here and there never hurts.