Auto
As your life changes, so do your insurance needs. This month we will be highlighting various policy types and key questions in an abbreviated checklist for you to review.
Personal Auto: Is It Time to Review Your Auto Insurance? Here’s a Quick Checklist
Life changes quickly—and when it does, your auto insurance should keep up. Whether you’ve welcomed a new driver into the household, traded in your vehicle, or changed your daily routine, it’s worth checking that your policy still fits your needs. Here are a few simple questions to help you decide if it’s time for an update.
1. Have You Bought or Sold a Car?
A new vehicle often comes with new insurance requirements, while selling a car might mean you’re carrying coverage you no longer need. Make sure your policy accurately reflects the cars you actually drive and their safety features.
2. Are There New (or Fewer) Drivers in Your Home?
A teen who just earned their license, or an adult child moving out, can change both your risk, gaps in coverage and premium. Keep your policy aligned with the people behind the wheel.
3. Has Your Liability Risk Increased?
If you now carpool regularly, deliver food, or drive for services like Uber, your exposure to liability may be higher. Standard personal auto policies may not cover commercial or rideshare activities, so this is a key area to reassess.
4. Are You Driving More—or Less?
Significant changes in annual mileage can affect your premium. Long commutes or major lifestyle shifts (like working from home) might mean it’s time to adjust your estimated mileage.
5. Is Your Vehicle Still Worth Fully Insuring?
For older cars with low market value, the Insurance Information Institute suggests evaluating whether collision or comprehensive coverage is still worthwhile. In some cases, dropping these options can save money without adding much risk.
6. Have Your Assets Increased?
A growing savings account, home purchase, or other financial gains could mean you have more to protect. Higher liability limits or an umbrella policy might be smart additions.
A quick review today can help ensure your auto insurance stays aligned with your life—not the way it looked a few years ago. If any of these questions struck a chord, it may be time for a conversation with your insurance advisor.