Auto Insurance Annual Check-Up for Complete Coverage
Your driving requirements change from one year to the next, and your insurance coverage needs to keep up. You know it’s important to make regular appointments to have your car serviced so it will stay in great shape. Most people don’t think twice about having a yearly physical when they feel perfectly healthy. However, it’s easy to forget your financial well-being, which also needs to be checked regularly. An auto insurance review on an annual check-up is designed to ensure you have sufficient protection in the event of a loss. It can also help save you money.
Signs It’s Time for an Auto Insurance Review
Your life is constantly changing. It happens a little bit at a time from day to day and month to month, making it easy for small changes to morph into big lifestyle transformations without you even realizing how much has changed. Driving the same car as when you purchased the policy doesn’t mean your auto insurance needs haven’t changed. These are just a few lifestyle changes that can affect your auto insurance needs.
You likely know that putting your teen behind the wheel means big changes in your auto insurance policy. However, you might not know all the details about timing or the options available for teen drivers. An annual insurance review allows you to discuss your growing family with your agent so you can get advice about exactly when to add your teen to the policy. Talking about your teen’s future plans will give your agent the information they need to help you choose the best type of coverage for your teen, as well.
A new job often means a commute and salary change. Most people don’t realize it could also affect your insurance rates. Changes in your daily driving habits can lead to lower premiums. Some common changes are a shorter commute, the use of a parking garage, using public transportation, and participating in a carpool.
A New Residence
If you moved to a different home, you probably made changes to the insurance policies that protect your home and possessions. However, you probably neglected to realize that a change in residence could affect your car insurance too. Where you park your car, how far you have to drive to work, and other new driving habits could mean changes for your auto insurance coverage.
Many other life changes also affect your insurance coverage and monthly premiums. Lower rates and new discounts become available regularly. A few other surprising reasons for an auto insurance checkup are milestone birthdays, your great driving record, your teen’s good grades, and even your credit.
Do I Really Need To Increase My Coverage?
It’s a common misconception that an annual car insurance review is just a scam to get you into the office so you’ll buy additional insurance you don’t actually need. This isn’t true at all. In fact, it’s common for yearly insurance checkups to reveal savings and discounts that actually save you money. Understanding your insurance coverage is a crucial detail in making sure you have the right protection for your entire family.
LoPriore is an independent insurance agency that works with a variety of insurance companies. These relationships allow us to provide customers with customized insurance packages that fit your lifestyle. Insurance is our passion, and we’re delighted with the opportunity to help our Massachusetts neighbors find the right coverage to protect their families at prices you can actually afford.
Making the Most of Your Auto Insurance Annual Check-Up
Your yearly auto insurance review allows you to discuss your coverage and premiums with your insurance agent. Asking the right questions helps ensure that you and your family have adequate protection at the best prices available. Take the time to cover these points during your annual auto insurance checkup.
- The details of your existing coverage: Most people have a vague idea about what their car insurance covers. However, it’s common to have little understanding of the details involved. Your insurance agent can tell you everything you need to know about your policy and help you decide if you need a change. Understanding the coverage you have is the only way to decide whether it’s sufficient.
- Available discounts: Lifestyle changes often make customers eligible for insurance discounts they aren’t even aware of. Be sure to ask your agent if you are eligible for new discounts or if they can help you find a company with additional discounts targeted at your situation.
- The effects of deductibles: If you’re seeking lower premiums, your deductible amount might be a good place to start. A higher deductible typically leads to lower premiums. Conversely, you might consider changing your deductible if it’s been the same for years due to a financial past that no longer describes your situation.
- Seeking expert advice: An independent insurance agent is in the position to provide you with honest, unbiased advice about your coverage and the protection you need for your family. Don’t hesitate to ask for advice if you feel unsure about anything from your premiums to your coverage or the company you’re working with. Your agent can help you understand the details or make changes if necessary.
Learn More About an Auto Insurance Annual Check-Up
Your auto insurance annual check-up provides a great opportunity to share more information about your lifestyle. Then, you can get the coverage you need at a price you can afford. Waiting to discuss your auto insurance until after an accident can leave you underinsured and facing significant financial hardship. Annual reviews keep your auto insurance policy up to date and provide a layer of safety for you and your family.
If you think it’s time for your yearly auto insurance checkup, get in touch with us today. Our agents are standing by to answer your questions, provide a quick quote, or schedule an appointment. Don’t forget to ask about our wide variety of personal and commercial insurance policies.
Auto Insurance Annual Check-Up FAQs
I’m struggling to make ends meet and can’t afford my current policy. Can my agent help me find a policy I can afford?
Most likely. Our agents work with a variety of insurance companies that provide many different policies and discounts. Additionally, if you’re temporarily out of work or your driving habits have changed for other reasons, you may be eligible for a lower premium. Any time you’re struggling to pay for this essential service, don’t hesitate to get in touch with your agent and ask for options.
I didn’t buy a new car and only want to carry the minimum car insurance required. Will a yearly auto insurance checkup really help me?
Absolutely! You may be eligible for discounts or other changes that will allow you to keep the same level of protection and save money.
- New home – A discount is available for more modern homes.
- Mature homeowners – A discount for policyholders who are 55 years of age or older and retired. For married couples, one spouse must be at least 55.
- Multi-policy discount – Available if you have both homeowners and automobile insurance with us.
- Protective Devices – Available for an automatic sprinkler system, a central fire alarm system, a central burglar alarm system, and a combination of smoke detectors (one per living level), deadbolt locks (on all exterior doors), and fire extinguisher(s).
- Claim free discount – Available only to those who have been our customers for several years.
- Non–smoker discount
- Renewal credit
If changes have occurred in my life and it’s not time for my annual review, should I wait to make changes to my auto insurance policy?
No. Any time you think you may be underinsured, it’s vital to discuss the situation with your insurance agent. Making changes to your policy right away will ensure you have the right level of coverage in the event of an accident.
Can I use my annual car insurance review to change insurance companies?
Yes, your review is an opportunity for your agent to make sure you’re satisfied with all aspects of your auto insurance coverage. Our insurance agents work with a wide variety of providers to ensure you get the right coverage for the right price.
I have plans to buy a new car within the next year. Can my agent help me determine the coverage I’ll need before I make the purchase?
While an agent can’t give you an exact quote before you’ve chosen a vehicle, they can help you explore your options and approximate prices of coverage. Discussing which features lead to lower insurance premiums can even help you decide what type of vehicle will be best for you and your family.
Top 5 Questions Drivers Ask when Reviewing their Auto Insurance
Do I have the Auto Insurance coverage I need?
If your lifestyle has changed, your auto insurance coverage might not be keeping up. Discuss any concerns you have about your existing coverage and what will be paid for if you’re in an accident. Consider your deductible and whether you can afford to pay the amount with your current income. Your independent insurance agent can help you understand the benefits of different coverage options and the policies that are most likely to fit your budget.
When can I change insurance companies?
Yes. When you work with an independent insurance agent, you can compare the costs and coverage options provided by various insurance agencies to ensure you get the best coverage to fit your lifestyle and budget. If you’re unhappy with your current coverage or think you can get better rates with a different company, your independent insurance agent can help you explore your options.
What is covered by my policy if I’m involved in an accident?
It’s common for drivers to get minimum coverage to meet state requirements without knowing what will be covered in an accident. Without the right coverage, you may not be reimbursed for the value of your vehicle when an accident occurs. Ask your insurer about the coverage included in your policy for bodily injury, lost income, disability, and the cost of repairing or replacing your vehicle.
Do I need to consider changing my deductible?
Your deductible is the amount you’ll have to pay out of pocket before an insurance claim pays out. If you have a high deductible, it could prevent you from filing a claim when you need it most. Talk to your independent insurance agent about your current income and whether there are ways you can reduce your premiums with a lower deductible.
Do I need to increase my coverage to reflect my passengers?
If you carpool or are responsible for transporting children on a regular basis, your coverage may not be enough to cover all the costs of bodily injury to your passengers. While liability is a state requirement, you may need more coverage than the minimum amounts required by the state. Discuss the potential costs with your independent insurance agent and your options for increasing coverage while staying within your budget.
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