When Should You Change Your Car Insurance Coverage?
When you first sign up for car insurance in Canada as a cash-strapped teenager, you’re likely looking for the cheapest option possible just to get on the road. You don’t care about how much coverage you have because you’re excited to no longer have to take the bus everywhere. As time goes on and your life changes, you might start looking for more out of your insurance coverage.
At some point, though, you will need to change your car insurance coverage.
You add a new person to the insurance plan
When you’re the only person driving under the plan it’s one thing. Once you start adding a spouse and children, you’re going to want to look into different kinds of coverage since there’s more at stake now. You also might find yourself adding a new car to the insurance policy.
For example, if you buy your son a brand new car, you’re likely going to want the best coverage for this instead of the basic coverage that you had for your old vehicle.
You want to feel more secure
Insurance always gives you a peace of mind. When you choose extended coverage, you get more security. There are all sorts of optional accidents benefits coverage options (medical, caregiver benefit, and more) that you’re should ask the provider about. This is for those of us that are willing to pay a little extra money to feel safer. You’ll be spending more money but you’ll be getting more insurance options. Once you feel like you want a little more peace of mind. it’s time to change your car insurance coverage.
You don’t feel your car is worth as much
Let’s be honest: when your car gets older you might not find it as valuable. This might mean that you don’t plan on making any claims on small incidents, so you’re willing to deal with a higher deductible. If you’re willing to raise your deductible, you can save money. If you really aren’t worried about the value of your car (it’s older or you paid it off), you can remove the collision coverage to save a few dollars on the cost of your car insurance in Canada.
You feel you’re paying too much
You don’t want to be the person with the highest insurance rates around. If you’re looking to save some money in this area, you should call up your insurance provider to see what they can offer you. It never hurts to shop around online for a few minutes to find a better
rate with different coverage. You could reduce your coverage or just batch your home insurance with your car insurance.
We often put more thought into where to order pizza from than we do insurance because we don’t want to think about insurance. If you drive often and take your money seriously, you’re going to want to negotiate your car insurance coverage.