Auto Insurance: Is It Time to Switch?
Dan Levenson September 14, 2020
Many people keep the same auto insurance carrier for years. When it comes time to renew your auto insurance policy, you likely pay the invoice without putting much thought into it. Yet, you may wonder if you are making the right decision by staying with the same company or if it is time to switch.
Some people stay with the same insurance company out of convenience. Others stay because they think they are getting a good rate or they receive safe driver discounts, bundling discounts, or accident forgiveness. However, in many cases, even with loyalty discounts, you could save more money by switching to a different insurance carrier. There are at least four times when you should research other companies to ensure that you are still getting the best deal.
If you haverecently movedor plan to move soon, now’s a great time to see if you are still getting the best deal on your auto insurance policy. In many cases, one carrier might be cheaper in one area while another is a better fit for you in your new home. You may even find that your previous carrier is not available where you are moving or that a new option is now available to you. When comparison shopping, be sure to get at least three or four car insurance quotes before deciding which one to go with.
Adding or Subtracting a Vehicle
When adding a new vehicle to your policy, you should reevaluate your car insurance policy. It is especially important to also check that you are still getting the best deal on your car insurance if you are purchasing a brand-new vehicle. When evaluating which insurer is the best, the cost is just one factor to consider. You may find that your current carrier does not offer the products or services that you now want or need.
When taking a vehicle off your policy, you will also want to evaluate if your current provider is still the best for you. If you were getting a multi-car policy discount and you are now going to have only one vehicle on your insurance, you may find that going with a different company is in your best interest.
Change in Family Status
If you are going through a marital status change, now’s a great time to reevaluate your car insurance policy. You may find that another company is a better fit for your changing situation. If you are getting married, you and your new spouse will likely qualify for a multiple vehicle discount. Your current company may not offer the best discount.
When adding or taking away a teen driver from your policy, you should also comparison shop to determine if you are still getting the best deal. Adding a teen to your policy will make your premium go up. In many cases, your teen may qualify for a discount for things like good grades, low annual mileage, or for taking a driver safety course.
Other Big Changes
When undergoing another big change in your life, you should also research other companies to see if you are still getting the best deal for yourself. This may include starting a business and needing to insure your company vehicle. You may want to go with a company that specifically insures company vehicles.
Two big birthdays are 25 and 65. At 25, your insurance is likely going to start going down, and at around 65, it will start to go up again. Comparison shop at these points to see if you are still getting the best deal for you.
Even if you do not have any big changes in your life, it is a good idea to periodically check to make sure that you are still saving money on your insurance policy. If you need help getting auto insurance for your business or if you have any other insurance-related questions or concerns about your business, contact us.