When It Makes Sense to Change Your Car Insurance Policy

Introduction

As your trusted insurance brokerage, we understand that your car insurance needs may change over time.

It’s important to regularly evaluate your policy to ensure you have the right coverage and are getting the best possible value.

In this blog post, we’ll explore some key scenarios when it might make sense to change your car insurance policy, and how we can help you make the best decisions for your unique circumstances.

Related: How Car Safety Features Can Slash Your Insurance Premiums

Related: The Ultimate Guide to Car Insurance For First Time Drivers

Major Life Changes

Relocation

If you’ve recently moved, it’s essential to review your car insurance policy. Insurance rates can vary significantly based on your location, and you may be eligible for better rates or additional discounts in your new area.

Canadians love to move. In fact, it is estimated that Canadians move on average 5-6 times over the course of their lives.

Keep in mind that your new address may also impact your coverage needs, such as increased risk of theft or natural disasters.

Changes in Vehicle Use

Your car insurance premium is based on various factors, including how you use your vehicle.

Annual purchases have been trending up and with the post-covid commute back, there is good reason to update your policy.

If you’ve recently retired, started working from home, or experienced a significant change in your daily commute, it may be worth reviewing your policy. Reduced mileage could result in lower insurance premiums.

Adding or Removing Drivers

If there’s a change in the number of drivers in your household, it’s a good idea to update your car insurance policy.

Adding a young or inexperienced driver may impact your rates, while removing a driver with a poor driving record could lead to savings. Don’t forget to inform your insurance broker about any changes to your household’s driving situation.

Improved Driving Record

Traffic Violations and Accidents

Your driving record plays a significant role in determining your car insurance rates. If you’ve had traffic violations or accidents in the past, they can eventually drop off your record, leading to lower premiums.

Shopping for Better Rates

Policy Renewal Time

It’s always a good idea to shop around for better rates when your car insurance policy is up for renewal.

As an insurance brokerage, we can help you compare multiple quotes from different insurance companies, ensuring you get the best possible coverage at the most competitive price.

Bundling Policies

One way to save on your car insurance policy is by bundling it with other insurance policies, such as your home or renters insurance.

Related: What is Tenant Insurance & Why You Need It

If you’ve recently acquired new insurance needs or are unhappy with your current provider, now might be the perfect time to explore bundling options.

Available Discounts

You may be eligible for additional discounts on your car insurance policy based on factors such as your occupation, affiliations, or even the safety features of your vehicle.

Regularly review your policy and discuss any potential discounts with your insurance broker.

Conclusion

Your car insurance policy should evolve with your needs and circumstances. Regularly reviewing your policy can help you ensure you have the right coverage and take advantage of opportunities to save.

At Colley Insurance, we’re here to help you navigate the complex world of car insurance and make the best decisions for your unique needs.

Don’t wait any longer to review your car insurance policy.

Contact our expert insurance professionals today by dialing 519-824-4040 or emailing us at customerservice@tgcolley.com

We’re ready to help you!