When is the best time to review my auto insurance coverage?

The RateQuote Team

If you’re not periodically reviewing your auto insurance coverage, you’re probably paying too much. Most experts recommend doing a rate check every two or three years, or even annually. Different companies’ rates change regularly, but more importantly, so do your own personal circumstances.

We recommend that you check your rate and compare quotes at the end of every policy period, but also when specific events happen in your life. A number of factors can influence your rates, and it’s up to you to be proactive about deciding whether you’re happy with your coverage or if you want to shop around for new auto insurance. Here are some things to look out for:

  1. You bought or sold a car. The type of car you drive will impact your rates, as well as the number of cars you own or drive. You may also want to reconsider your coverage options depending on the age of your car.
  2. You moved. Even if you only moved to a different part of town, your rates can change drastically based on a zip code change. And if you move to a different state, the laws and coverage could be very different than what you’re accustomed to.
  3. You added or removed a driver. Maybe your teen got their license or left for college, or someone decided to rely on public transportation to get around. Make sure everyone is covered, and that you’re not paying for someone who isn’t driving anymore.
  4. Your driving habits changed. If you’re driving less, or not as far (perhaps a change in commute), you could be eligible for a low mileage discount. Also check if there’s any effect for joining a carpool.
  5. Your premium increased. This is always a solid reason to pull out your policy and review your coverage to fully understand what you’re paying for.

Taking a few minutes periodically to review your auto insurance coverage is one of the best ways to ensure you’re getting a fair rate. Keep in mind these significant life changes, and always remember to compare quotes from at least three other insurance providers to find your ideal policy.

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