Times To Update Your Car Insurance Policy
Some people purchase car insurance and never update their policies until they trade in their vehicles. While this works fine for many people, there are times when this is not the best way to manage your auto insurance plan. Some events in life can change your auto insurance ratings, and it is helpful to update your plan when you experience changes. Here are several times when you should consider updating your car insurance policy.
You Change Vehicles
The most obvious time to call your insurance agent is when you have vehicle changes. For example, if you sell a car, you will no longer need insurance on it, so you can call and cancel that vehicle's coverage. If you trade-in a vehicle, you will need to modify your plan to reflect the changes in your cars. If you buy an additional vehicle, you will also need to add that vehicle to your plan. Anytime you have changes with your vehicles, you should consider updating your plan.
You Store a Vehicle
Another excellent time to call your agent is when you store a vehicle. If you purchased a classic car a few months back but are now storing it for the winter, call your agent. Your insurance risks decrease when you store a car. As a result, you might receive a discount on your policy.
You Experience Life Changes
It is also vital to call your agent if you experience any life changes. For example, if you move to a new home, you must let the agent know. If your new home is in a safer area, you might see a decrease in your rates.
If you get married or have children, it is also wise to contact your agent. Your risk level changes when life events occur, and it is worthwhile to let your agent know about these changes. After all, any life change might result in paying lower auto insurance rates.
Your Child Gets a Driver's License
Finally, you must update your car insurance when your teen child gets a driver's license. When adding a teen driver to a policy, your costs might significantly increase. Teens are risky drivers, and you will pay more for their insurance coverage.
Updating your auto insurance is vital, and you can change your plan at any time. If you need to change your car insurance coverage, call a local insurance agent such as one from The Policy Center.