It’s good practice to reevaluate your car insurance coverage once or twice a year, because many life changes can adjust your premium payments. The rate you pay for car insurance isn’t set in stone because it’s based on so many factors that can change over time.
Here are the best times to evaluate your car insurance and see if you’re getting the best deal for your needs:
• When you buy a new car
-You have a grace period of about seven to 30 days (depending on your insurance policy) to inform your insurance provider that you bought a new car, but you can also shop for policies before you buy. You must get a policy on your new car by the time your grace period ends, or you risk driving without insurance.
• When your family situation changes
-Changes to your family mean changes to who is on your insurance policy. If you get married, this can affect your insurance rates (generally being married lowers rates). Adding your spouse to your policy can increase or decrease your payments, depending on their driving record. Even if your spouse doesn’t own a car and rarely drives, it might be worth it to add them to your policy to lower your rates.
• When your premiums go up
-If your premiums increase and there have been no changes to your driving record, it’s worth checking to see if you’re getting the best coverage for your money. This might be time to compare your current insurance provider with others to see if you can find a competitive rate.
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