Enough Coverage: Choosing the Right Individual Health Insurance

« Back to Home

How to Review Your Auto Insurance Coverage

Posted on

When it comes time to renew your auto insurance coverage, it always pays to make sure that you are happy with your coverage and your carrier. Here are some steps to take when doing a thorough review of your insurance policy.

First: Consider the Carrier

The first thing to do would be to consider your insurance carrier. This is your one chance, since many insurance companies make you sign up for at least a 6 month contract. When you're evaluating your insurance company's performance, be sure to consider:

Your personal experience. If you had any insurance claims in the past months, how did your insurance company handle them? Did they seem reluctant to write a check in your favor? If you had to call the customer service line, how quickly did they answer your call, and were the representatives helpful and efficient?

Rates. Insurance rates change all the time. It's recommended that you redo your insurance rate quotes at every renewal. For one, your insurance rates can go down as you get older, so each six months can make a difference. If you have had accidents on your record in the past, every six months removed from that part of your driving record could get you a better rate quote. It is especially important to look for new auto insurance quotes if you have had a major life change, such as getting married or having a child.

Perks and Programs. Each company competes for new customers by offering sign up bonuses, discounts to certain groups of people, and other programs to help you reduce your rates. It is worth at least reading what some of the carriers in your area can offer you.

Second: Consider Your Insurance Coverage

The second part of review your auto insurance policy will be to decide if you're happy with the coverage you have now, or if you want to upgrade or downgrade. While it may be tempting to go off of your own experience on this one, it's much better to consider the statistics.

For example, maybe you have never been the victim of a car prowl. You may decide to use that criteria to reduce your comprehensive auto insurance coverage. But a better idea is to look at the theft rates in your area to determine how likely you are to be the victim of a car prowl. Even if it hasn't happened yet, it's a good idea to keep that coverage in place if statistics in your area show that you're likely to experience theft.

To learn more, contact companies like Matlack & Company.