Life is a series of constant changes and updates, and it’s no different when it comes to our vehicle insurance. You know, think about it: in just six short months, a lot can happen. Your life circumstances may change, new coverage options become available, or even technology advancements may impact your insurance premiums. The thing is, sticking with the same old policy for years on end could mean you’re overpaying or – worse still – underinsured.
The idea of reviewing your auto insurance regularly might not be at the top of your to-do list, but trust us when we say it’s worth taking the time. Let’s break down why checking in on your policy every six months is a smart move.
Your Life Changes, So Should Your Policy
Six months may not seem like a long time, but it’s more than enough time for your life to take some significant turns. For instance, you may have moved to a new city with lower or higher crime rates, gotten married, or had a baby – all of which can impact your insurance rates. If, for example, you’re no longer commuting to work, your annual mileage may decrease significantly, potentially resulting in lower premiums.
Alternatively, if you’ve got a new driver in the household (think new license-holding teenager), your policy will need adjusting to reflect that added risk. Don’t risk being under-covered or paying too much unnecessarily. A six-month review allows you to reevaluate your coverage needs and adjust accordingly.
New Discounts and Coverage Options
Insurance companies are continually evolving their services to keep pace with changing consumer needs. Only by regularly reviewing your policy will you stay informed about new features or discounts you might be eligible for. For example, your provider may now offer telematics programs, which can save you money by tracking your safe driving habits. Don’t miss out on these potential savings.
Tech-Savvy or Over-Cautious?
A clever little thing called technology can significantly drive down your premiums – think advanced safety features in newer vehicles or vehicle recovery systems. Moreover, insurance providers increasingly utilize sophisticated data analytics to assess risks and reward low-risk drivers.
However, if you’ve added new safety features to your vehicle – features that may not have been accounted for when your policy was written – you might unknowingly be over-insuring yourself (not to mention overpaying). Revisiting your policy periodically helps ensure you’re not over- or under-insured, thanks to tech’s role in the insurance landscape.
Do Your Research and Re-look at Your Deductibles
Lastly, revisiting your auto insurance every six months is an excellent opportunity to brush up on what competitors are offering. Maybe there’s a new insurer offering attractive discounts or benefits that were not available before? Maybe you’ve found better options elsewhere, offering better protection but with higher excess (deductible)? Reviewing your policy at regular intervals keeps you better informed about options on the market and what you might be willing to pay.
In short, there’s really no downside to reviewing your auto insurance policy periodically. Don’t let life changes, policy modifications, or changes in the insurance landscape cost you. Take charge and make the most of reviewing your auto insurance policy every six months – we promise you, it’ll be well worth the time spent.
