New Year? Now's the Time to Look at Your Auto Insurance Policy
It's January, which means many of us are hyper-aware of our finances, especially in the current economic climate. Whether or not you over-spent during the holidays, chances are you want to be sure you're maximizing your insurance dollars during the coming year.
Even if saving money isn't your primary motivation, this time of year is perfect for cataloguing any changes that have occurred over the last year, and informing your insurance company. A corrected address or updated employment information now could save you a considerable amount of time and money later on, especially if you have to make a claim.
So, drag out that insurance policy, and look it over. Specifically, you'll want to look for:
- The options you're paying for: Did you pay off your car loan last year? If so, you may not need to maintain full coverage on it now. Or, maybe you had a business-use policy but are now only using it for commuting to and from work and for personal travel. For that matter, are you even going to an office every day? If you're working from home, and not driving that much, you might want to tally your miles - if you've travelled fewer than 14,000 miles in the last year, and can prove it, you may qualify for a low-mileage discount.
- Security devices: Did you know that an engine immobilizer or car alarm can save you money on insurance? They can, so make sure your car is listed as having one, if it does. Other security measures that lead to saving cash are garaging your car at night, and parking in secured lots during the day. Make sure your insurer knows the details of your security measures.
- Correct personal information: Check to make sure your address, employment information, social security number, birthdate, age, and marital status are correct on your policy, and update your insurance company with any changes. If you've recently married or divorced, or a teen driver is no longer on your policy, be certain to let your insurer know.
If nothing has changed, and you know you're not paying for coverage you don't need, it's still a good time to review your policy, just so that you'll be familiar with the ins and outs of your coverage specifics if you ever need to make a claim.
For some of us, January is dominated by the post-holiday blues. Take action, evaluate your auto insurance coverage, and maybe you'll be able to start a new tradition of post-holiday green.
