How to Review Your Car Insurance
Most people don’t think about their auto insurance much beyond making the payment every month. Once a year, you get a letter from the company stating that your policy is up for renewal. Usually, they give you an overview of your selected coverage options followed by any “rate adjustments” they plan to make on your new policy.
This is probably the point where you sigh, resign yourself to the new premium rates and file the letter under “Too Freakin’ Expensive”. But don’t do that quite yet. Let’s look at this another way. What if we take this letter as an invitation to challenge the status quo?
Let us not hand money over to our insurance overlords quite yet. We’ve got some reviewing and comparing to do. Here are three tips to help you review your car insurance:
Do your own insurance mini-audit
As you move forward with life, your auto insurance needs will change. Perhaps you used to work somewhere that required a long commute. You’ve since moved on to bigger and better things (and a shorter commuter), but you’re still paying the higher insurance premium that come with long travel at high risk times of day.
Or maybe your car has gotten a little older and you don’t think you really extra coverage for theft and vandalism. If you go through your policy and identify the coverage options you can change, you might be surprised at how much money you can save without a lot of effort.
However, this can go the other way too. If you find you’re driving a lot more or you lend your car out to your boyfriend or girlfriend, you want to make a note about that for when you call your company. Saving a couple bucks now by keeping quiet about certain things can end up costing you a lot later.
Shop around before your current policy expires
Once you get all the details straight about what coverage you need, now is the time you can do some serious shopping. Unfortunately, it’s not going to be anything fun – but it will save you some cash. Maybe you could take the cash you save and put it toward something you actually enjoy.
One of the best places to start your search is online. Compare quotes from a few different companies and get a feel for how much you could save. If you’re not clear if the quotes accurately reflect the specific coverage you want, give them a call to get details. You want to review your car insurance as accurately as possible and explore viable options.
Call your insurance company for options
The best place to end can sometimes be where you start. After you review your car insurance policy to determine your needs, call your insurance company. Explain that you’d like to discuss your coverage options. Ask them to make any changes that you identified in your audit and see what kind of a difference that makes to your rates.
If you’re not happy with the number, let them know you’ve been shopping around. Sometimes, they can
adjust a few things to give you a break. Either way, you should review your car insurance on a yearly basis. This sort of focus can help you stay on top of your coverage and maybe even save you a little money.
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