How Often Should You Shop Your Own Insurance Coverage?

Once you have a policy, it’s easy to forget that your insurance needs may change; rates may be different, etc. However, it’s important to remember to check on your existing policy and any new options that may be available for you every so often. Even though you might not find a better deal, shopping is the only way to know for sure that you aren’t missing out on potential savings.

The first thing to evaluate is your coverage needs; have they changed? Just like how your car needs tune-ups, so might your insurance policy. Evaluate your needs at least once a year and go over your existing policy, and potentially look for new ones. It is important to maintain proper insurance that works for you, your needs, and your budget. Anytime you have a change in circumstance, for example: buying a new car, moving to a new home, or adding another car to your policy, would be a great time to shop around.

The second thing to do is talk to your agent. Your agent can help assess your needs, work within your budget, and find the best policies for you. If you are someone who likes change in your life, i.e. new cars, new homes, etc., your policies may need to change with you. Make sure to update your agent on changes that may affect your policy so they can best suit your needs.

The final thing is to compare your costs, savings, and risks. You may find a deal where you would be saving money, but there would be more costs and risks to consider. Know what coverage you have, and compare it when you are shopping around, and if the savings outweigh the costs and risks, it might be time for you to make some changes.

Overall, it is important to always be aware of what kind of policies you hold, what they cover, and how to use them. Shopping around regularly ensures that you are getting the best deal possible. Also every time you do research on rates, policies, etc., and shop around, it is increasing your knowledge of the insurance industry, which is always a good thing to be up-to-date on.

For specific questions regarding your policy, always talk to your agent.

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