When should you re-evaluate your auto insurance coverage? There are six major steps in life that really require a thorough review of insurance, says Sean Denny of www.AutoInsurancePlanners.com.
Those six major events are: moving, getting married, buying a home, buying a new car, having children, or retiring. In addition, it is wise to compare prices periodically to ensure you are getting the best deal, says Denny, whose web service offers single-application comparison shopping.
Here’s why those six life changes could mean you need new insurance.
— When moving, you may find new laws about required coverage. Your current auto insurer may not even be licensed in your new state.
— Marriage provides the opportunity to buy joint policies and seek multi-car discounts.
— Buying a home, or even taking out renter’s insurance, could mean you qualify for multi-policy discounts. Also, a move to a new neighborhood or the ability to garage your car at your new home could affect your rates.
— When buying a new car, consider how much it costs to insure different models. Some companies classify the same car differently, so rates may vary. Rates also are affected by the car’s safety rating, crashworthiness and how attractive that model is to thieves.
— Parents of young children often switch vehicles for safety purposes, or to get better child restraint systems, and a safer car may mean better rates. As your children age and begin to drive, putting them on your auto policy or insuring their car can constitute another major expense.
— Finally, when planning for retirement, consider how much coverage you need to protect your assets. Also, when you retire and no longer commute by car, your policy cost may drop considerably.
By keeping in mind your auto insurance costs during life’s major transitions, you may save significant dollars over time. When revising your policy, use a comparison shopping Web site like www.AutoInsurancePlanners.com to get the most choices and best car insurance rates.
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