5 Times You Should Reevaluate Your Car Insurance

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(Newswire.net — July 1, 2018) — Your car insurance needs will change many times over the course of your driving life. Knowing when to reevaluate your plan is an important way to ensure you have the right coverage, at the right time, at the right price. Here are five instances when you should review your car insurance to make sure it is meeting all your needs.

  1. Your plan is up for renewal. Even if you love your current policy, you should be comparing options from other providers before you let it renew. A lot can happen over the course of a year – you could get married, receive a few traffic tickets, or move to a new address – and these factors could affect your premium. In addition, Canadian insurers adjust their rates regularly. At the end of the year, all these changes could mean that your current policy is no longer the best option available.
  2. You’re buying a new car. Before you buy a new car, consult your insurance provider to see how it will affect your policy. Different cars will receive different rates, depending on factors such as safety features or the cost of replacing parts. If you’re looking at a big increase to your premium, you might be able to find a cheaper policy with a new insurer.
  3. You’re moving. As mentioned above, a change in address can have a big impact on your car insurance – especially if you’re moving between provinces. For example, if you’re moving from Ontario to Quebec, you’d be moving from a province with one of the highest insurance rates in the country to one with some of the lowest rates! But you don’t need to be making a big move to see a big change in your insurance premium. For example, a 35-year-old driver of a 2014 Honda Civic who would pay $2,268 for insurance in Brampton, would only pay $1,399 if they moved to Toronto – almost $900 in savings.
  4. Your teen is becoming a driver. As soon as your teen gets their license, you need to advise your insurance provider. Teens are expensive to insure, since they are more likely to get in an accident. If adding your teen to your policy is costing you too much, ask your provider if they have any discounts for young drivers, for example, discounts for good grades at school or completing a driver’s education course. If you’re still not satisfied with your rate, do some research to find out if another insurer would offer you a better deal.
  5. Your rate is increasing. Whether your premium is rising because you received a few too many speeding tickets, or because your insurer is increasing rates across the board, now’s a good time to reevaluate your policy. You might be able to save money by changing a few aspects of your policy – like paying your premium upfront for a discount, or raising your deductible as a way to lower your premium.

If you’re shopping around for a new policy, remember: cheaper isn’t always better. You should also be comparing things like the amount of coverage offered and the cost of the deductibles. Some insurers might also have bonus perks, like roadside assistance or accident forgiveness.

There is one more time you should reevaluate your car insurance: if you’re unhappy with any part of your plan. There are many insurers available, and it’s easier than ever to compare options, so there is no reason you should stick with a plan that doesn’t make you happy.