As we approach New Year’s Day, there’s something that the insurance professionals advise: use the juncture to review your insurance policies – including your auto coverage.
Conducting an annual end-of-year insurance review will help you assess any changes you have undergone over the past twelve months as they relate to your coverage needs. Such a review can actually save you from things like overpaying for unnecessary coverage, having inadequate coverage and anything in between.
5 Things to Look Out for in Your Auto Insurance Policy
- You’ll want to see if you have your most updated information on- record, like a new driver or a change of address, so as not to face a possible coverage denial in the event of a claim.
- If you financed a new car, you will want to see if your uninsured or under-insured motorist insurance sufficiently covers the loan amount in a total loss accident scenario.
- If you own an old car that has little value in today’s market, you may want to remove any collision insurance coverage.
- You’ll want to see if you are awarded for the premium discounts you or your family members are eligible for, like good student discount for teen drivers, driver’s education discount, a low-mileage discount, specific industry discount, or any other applicable form of savings.
- At this time, you might want to have your agent shop the network of companies to see if you can get auto coverage at a better rate.
Consider your insurance agent your best friend when it comes to coverage education. He or she should be there to expertly guide you in every aspect of a review or other issue related to a policy.
PRIME Insurance is a three-generation family-run independent agency. We’re proud to partner with many of the leading underwriters – recognized companies like ACE, AmTRUST, ASI, ASSURANT, CHUBB, CNA, Employers, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. This gives us the ability to provide all forms of nationwide coverage and bonds at competitively lowest quotes. Visit us on our online insurance website or email us at PRIME [at] primeins [dot] com or call us at 732-886-5751 and HAVE A PRIME DAY™!
Summary: The end of the year is a perfect time to review your auto insurance policy to spot potential coverage problems that could mean a claim denial or cost you unnecessary money.