Why Bother to Compare Insurance Every So Often?
If you are like many others, you already have coverage. Your lender probably required a homeowners policy when you took out a mortgage. Your auto must be covered to comply with state laws. And you may already have chosen life and health insurance too. So why should you do any shopping when you are already well covered?
Insurers Change Plans and Policies
Insurance companies are constantly evaluating their policies and their premium rates. A major storm may have caused a homeowners company to raise their rates. On the other hand, increased life spans may have actually caused a life insurance company to drop their rates. Many different factors can cause insurers to add or drop coverage, or to change their rate charts.
You cannot always assume that the company that was friendliest to you, and your family, when you purchased coverage one year, or ten years, ago will still be the best one or today. Your situation is certainly different, but so is the business market that companies operate in.
Consider the example of term life rates in the US. Since the actuary tables that help actuaries predict how long covered people will live have actually predicted longer lives for Americans, term life rates have gone down. Even if you are older than you were when you took out the policy, it may be worth comparing quotes today. Beyond the lower rates, your own needs have probably changed.
Your Life has Changed Too
Consider how different your own life is than it was a year ago. What about five or ten years ago? Has anything changed? There are many things that may trigger you to start doing some comparing and shopping. Some of these changes may be large and obvious, but some are smaller. Please consider some of these examples of things that we all do that can affect our coverage.
Weddings and Babies
Have you gotten married? If so, your auto premiums may actually be lower with some companies. Then again, you may do better by combining multiple vehicles or drivers with one company instead of using different ones. If you have had a child, you may want to adjust your life insurance policy to make sure your baby is financially secure if something happens to you.
Moving to Another Home
If you have moved, you have several things to consider. Since rates are usually set by the local area you live in, this can affect your coverage with many types of coverage. This could affect your auto, home, health, or life insurance rates.
And your new home may qualify for discounts with some companies that your present company does not offer, or is just not aware of. Things like fire alarms and anti-theft services can earn substantial discounts with some insurers. Make sure you are getting the best possible deal.
New Cars (and Used Cars)
If you have bought a new car, or are even thinking about buying a new vehicle, it is time to look at auto coverage. Your premium is a big part of your budget, and some cars are cheaper to cover than others. It would be good to add that calculation into your comparison shopping before you decide which new car to buy.
You may think that all companies are the same, but in doing my own shopping, I have seen a variety of discounts.
Birthdays
Even if you have not made any major changes in the last few years, you have certainly had a few birthdays. When you move into a new age band, some premiums will be affected. This can affect auto and health insurance quite a bit. Maybe it is time to find a company who is friendlier to a person your age.
And speaking of age, if you need to insure a new driver, you probably know how expensive that can be. You may need to move your family business to an insurer who will give you some breaks for getting all of those policies, and not just rate you up for having a teen driver in the family.
It Is Easy to Compare Insurance Rates Too
These days, you can use a simple online form. It only takes minutes to enter your basic details. In return, you can get competitive premiums and policies delivered to you!