Why Compare Insurance Rates If You Are Already Covered?

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Why bother to compare insurance every so often?

You probably already have insurance if you’re like most people. When you got a mortgage, your lender likely required that you have a homeowners policy. To comply with state laws, your auto must be insured. You may have already selected life and health insurance. Why should you shop when you already have coverage?

Insurers Update Plans and Policies

Insurance companies constantly evaluate their policies and adjust their premium rates. One reason homeowners companies might raise their rates is a major storm. A life insurance company may drop their rates due to an increase in life expectancy. Insurers can change their rates or add or remove coverage due to many factors.

It is impossible to assume that the company you were most friendly with when you bought coverage a year ago, ten years ago, or even today, will still be the best. While your situation may be different than others, the market in which companies operate is also changing.

Take the US term life rate example. Term life rates have fallen because the actuary tables used to predict how long people will live have actually helped Americans live longer. It may be worthwhile to compare quotes today, even if your age has changed from when you first took out the policy. You may have changed your needs, so the rates are likely to be lower.

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Your life has changed

Think about how different your life is today than it was one year ago. How about five, ten years ago. What has changed? Many things can cause you to do some shopping and comparing. Some of these changes are obvious and large, while others are subtler. These are just a few examples of the things we do that can impact our coverage.

Weddings and Babies

Have you gotten married? Your auto premiums might be lower if you have gotten married. You may find it easier to combine multiple drivers and vehicles with the same company than using them all. You may need to modify your life insurance policy if you have had children to ensure that your baby is financially secure in the event of an emergency.

Moving to a New Home

There are many things you should consider if you’ve moved. Rates are often set by the area where you live, which can impact your coverage for many types of insurance. This could impact your home, auto, health, and life insurance rates.

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Your new home could be eligible for discounts from companies your current company doesn’t offer or is not aware of. Some insurers will offer substantial discounts for services such as anti-theft and fire alarms. You want to make sure that you get the best deal possible.

New Cars and Used Cars

Auto coverage is something you should consider if you’ve recently bought a car or are considering buying one. Your premium will make up a large part of your budget. Some cars are more affordable than others. Before you make a decision on which car to buy, it is a good idea to include this calculation in your comparison shopping.

Although you may believe that all companies are alike, I’ve seen many discounts when I did my own shopping.

Birthdays

Even if there have been no major changes over the past few years, you’ve certainly celebrated a few birthdays. Some premiums may be affected if you move to a different age group. This could have a significant impact on your auto and health insurance. Perhaps it’s time to look for a company that is more friendly to someone your age.

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You probably already know the cost of insuring a new driver if you are over 65. It may be necessary to transfer your family business to an insurance company that will offer you discounts for all policies and not just the teen driver.

You Can Compare Insurance Rates

You can now use an online form. It takes only minutes to fill out the basic information. You will receive competitive premiums and policies in return!