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Reviewing Your Coverage: When to Revisit Your Auto Policy

2018 05 16 Reviewingyourcoverage Woman In Coffeshop

By Erin Thompson on December 31, 2019 in Policy Changes

Re-evaluating your auto insurance coverage sounds like a chore. We get it. Knowing the ins and outs of car insurance isn’t your job…but it is ours! That’s why we are here to share some significant life events that should kick-start a review of your car insurance coverage.

1. Saying I do

Did you just tie the knot? Congratulations! Once the wedding bells stop ringing, it may be a great time to take a look at each of your accounts together.

As you are combining finances and canceling one of your Netflix accounts, make sure you revisit your car insurance and add the additional driver. Marriage affects your insurance rate in a good way! Statistics show that married people drive safer, so providers can cover you with less risk and drivers typically benefit by getting a lower rate - score!

This new partnership is a great time to update your coverage. We don’t want you to miss out on a potentially lower rate.

2. Buying a car

Are you splurging on that dream car you’ve always wanted, or perhaps trading in the two-door for a more family-friendly sedan? Either way, purchasing a car is a critical time to reevaluate your policy.

The make, model and age of a car can all impact your insurance rate. For example, luxury cars often lead to a higher insurance rate because the cost of repair is more than your average minivan. If you know this up front, you can make more informed decisions about the kind of car you want!

You’ll also want to review additional coverage options. With a new car, you may consider adding Uninsured Motorist Property Damage. If you have an accident with someone who doesn’t have insurance, this will help pay for the damages to your new car. Collision coverage is a good one to check out as well. This helps you replace your vehicle after an accident, no matter who is at fault.

Buying a car is an exciting experience, just make sure your auto insurance is enough to protect your new ride!

3. Making a move

Whenever you move to a new town or state, we suggest a car insurance check-up. States have different rules and laws, and you always want to stay "in the know" and on top of your coverage.

First off, check and make sure your insurance provider offers coverage in the new state. Then you can look into state requirements for insurance. Does the new state require a type of coverage that you don’t currently have? Take no-fault states for example. These states require car coverage that will help you pay for your medical costs after an accident, regardless of who is at fault.

We know your insurance provider may be low on the list to call and tell about your exciting new move, however, they can help you with all of these nitty gritty details. In addition to updating your coverage, a move can also impact your rate. In urban areas, you may see an increased rate due to the increased potential of vandalism and theft. In rural areas, your rate may be lower because there is less risk for those same issues.

Whether you’re moving for a new job or just need a scenery change, don’t forget to take a quick look at your policy and update us as soon you can!

4. A 16th birthday

Is it finally time for that nerve-wracking DMV visit? If you’re adding a new 16-year-old driver to your policy, you will likely need to review what your policy covers. Adding a teen driver could affect your rate, so you’ll want to keep your coverage top-notch and make sure your new driver is completely covered and safe behind the wheel!

One update you might consider is to raise your deductibles for collision coverage. Collision coverage helps fix your car after an accident with another car, an object (like a pole) or your car alone. Raising your deductible would mean you pay more out of pocket for repairs and replacement. Once you’ve paid your share, Say pays the rest. The savings could help offset the increase of adding the new driver.

Having a new driver can be scary, but if you make sure your coverage is up to the challenge you’ll have a little less to worry about as they hit the road.

5. A yearly review

If we’re being honest, even without these major changes, you should review your car insurance policy about once a year. Life constantly changes, and we want you to be get the best deal for the coverage you need!

During this review, you can update your provider about any of these significant changes you may have overlooked at the time. Then, you also have the opportunity to review the car insurance discounts your provider offers to make sure you’re getting all savings possible.

Sifting through these documents and reading your insurance policy may seem tedious, but a review of your car insurance coverage gives you a chance to learn more about your insurance should you ever need to use it. Visit a quiet coffee shop or sit down with some tea at home and settle in for an interesting read!

If you have questions about your policy, just reach out to the Say Service Squad at 1-800-225-5729 and we’ll be happy to help.

Erin Thompson is the Marketing Manager for Say Insurance. She's responsible for guiding the strategic direction of all Say marketing campaigns. Prior to joining Say, Erin worked for a media agency based in Columbia, MO. She spent several years developing successful advertising campaigns for a diverse set of clients across the United States. Erin began her career in television advertising after earning her Master’s from the University of Missouri Journalism School with an emphasis in Strategic Communication. Her love of communication and helping people directed her to the insurance world.