We all know the importance of taking our cars in for annual service checkups, but did you know it’s important to give your auto insurance policy a yearly checkup as well? Going over your policy with your insurance agent can remind you of things that have changed in your life you might not have thought to mention – but could end up saving you money.
An annual review will also help make you more aware of changes as they occur in your life. When you become more accustomed to keeping track of these changes and reviewing them with your agent, you’ll be more prone to making sure you keep your policy and coverage current with your needs.
What are some of the things that can affect your policy and how much you’re paying? Here’s a look at a few of the things your agent will want to go over with you:
Kid stuff
Teen drivers will make a big difference on the bottom line. We all know we need to sit down with our agent when we’re adding a driver, but do you know when it’s the right time to add him or her to your policy? Sitting down with your agent will help you make sure you get the proper coverage at the right time.
There are, of course, several different scenarios and options for young drivers. If your teen is going to an out-of-state college and taking the car to school, you’ll need to make sure your car insurance meets the new state’s insurance requirements. Going over possible scenarios with your agent will give you an idea of your options and what each one will cost, which could help you make your decision.
Change in work
Changing jobs can affect more than your income and commute times – it may also impact how much you’re paying for insurance. Your rates may be lower if you switch to a shorter commute or are regularly parking your car in a safe, secure parking garage. Remember that retirement will also affect the amount of miles you drive, so you’ll want to review your policy with your agent to reflect the new mileage.
In some cases, you could take on a longer commute time but still enjoy savings benefits on your auto policy by joining a carpool or taking public transportation. Remember that any time you reduce the total number of miles you drive each year, you’re also creating an opportunity to lower your premium.
If you’re not going to commute to work any longer but instead are going to be taking those long-distance trips you’ve been saving up for, you’ll also want to include that information for your agent to consider.
Change in residence
Ready to move out of the city and into suburbs – or vice versa? Where you live and park your car is going to affect premiums, too. Where you park each night will affect your rates, so it’s important to include that information in your review with your agent.
You might be surprised to learn some of the other things that can change your premium cost – such as certain milestone birthdays, maintaining good credit, taking driver safety courses and having student drivers earn good grades. Meeting with your insurance agent each year ensures you’ll review what’s changed in your life and make changes to your policy accordingly so you’re always properly covered.
If you’re ready to make sure that all your insurance needs are being met, remember that Nationwide offers a free On Your Side Review, so schedule yours today!
