When Was the Last Time You Reviewed Your Auto Insurance Deductibles and Coverages?
Auto insurance is one of those things that many people set up and forget about…until they need it.
So…when was the last time you actually sat down and reviewed your deductibles and coverages?
If it’s been a while, you could be leaving money on the table or, worse, exposing yourself to unnecessary financial risk.
Why Does Reviewing Your Auto Insurance Matter?
There are several reasons you should regularly review you auto insurance, and one of the biggest is life changes. Just as circumstances in your life change, so do your insurance needs. Your current coverage might have been perfect a few years ago, but does it still fit your situation today?
Here are some key reasons why you should review your auto insurance policy regularly:
- Your Driving Habits Have Changed – Maybe you used to commute daily but now work remotely. Perhaps your teenage driver has grown up and moved out.
- If your driving habits have changed, your policy should reflect that.
- Your Vehicle’s Value Has Depreciated – Cars lose value over time. If your vehicle is now worth significantly less than when you bought it, you might be overpaying for comprehensive and collision coverage.
- Raising your deductible or adjusting your coverage levels could save you money.
You May Be Eligible for Discounts – Insurance companies frequently update their discount programs. Checking for discounts could lead to significant savings.
- Have you recently installed safety features in your car?
- Has your driving record improved?
- Have you bundled your home and auto insurance?
- State and Policy Regulations May Have Changed – Insurance laws and company policies can change.
- A coverage requirement that was in place a few years ago might not be the same today.
- Staying informed ensures you meet legal requirements while optimizing your protection.
- You Might Be Underinsured – If you’ve added assets—such as buying a home or starting a business—you might need higher liability limits to protect yourself in case of a major accident.
- Many drivers only carry the state minimum, which may not be enough in a serious accident.
Key Areas to Review in Your Policy
When reviewing your auto insurance policy, focus on these areas:
- Liability Coverage: Ensure you have enough coverage to protect your assets in case of an at-fault accident.
- Comprehensive and Collision Coverage: If you drive an older car, consider whether these coverages are still cost-effective.
- Deductibles: A higher deductible can lower your premium, but make sure you can afford to pay a higher deductible if you need to file a claim.
- Uninsured/Underinsured Motorist Coverage: Protect yourself against drivers who don’t have enough insurance.
- Additional Coverages: Consider rental car reimbursement, roadside assistance, and gap insurance if they fit your needs.
How Often Should You Review Your Policy?
Experts recommend reviewing your auto insurance policy at least once a year or whenever a major life change occurs, such as:
Buying or selling a car- Moving to a new location
- Getting married or divorced
- Adding or removing drivers from your policy
- Changing jobs or working from home
When should you start?
Today! Don’t wait until you have an accident to realize your insurance isn’t what you need.
Take a few minutes to review your policy or call your insurance agent for a consultation.
A simple review could save you money, improve your coverage, and give you peace of mind on the road.
Along with great insurance options, we also offer Financial Services. You can count on us to be totally honest and upfront with you!
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