There are a number of reasons why someone’s insurance may need to be freshened up. From paying off loans, to moving to a new home, to looking for lower rates, consumers can benefit by shopping for new insurance quotes.
In some cases, you may want to change your coverage level, since life circumstances may change the amount of coverage you need or may want to carry. Experts typically recommend that you get three or four quotes for your insurance program. It is often beneficial to place all policies with one insurance carrier to take advantage of multi-policy discounts.
Here are some reasons why you may need a new insurance quote and why this will help your coverage.
Graduating from College
Some insurance companies may offer discounts to college graduates. For college grads, it can help to reach out to gather some insurance quotes and compare what is best for you. This will help you see what the best rates are for auto insurance, renters insurance, and more.
Married couples or those in domestic partnerships will see their insurance rates drop when they cut out one policy, combining them into one. Compare the rates as a couple to see what’s best for you. If, on the other hand, one of both of you has a dicey driving record or bad credit, it can also help to get quotes for separate policies, as this may actually turn out to be the best option.
Changing jobs can impact more than just your commute. It can also affect your insurance coverage. Some jobs may require you to use a personal vehicle, for instance, which can influence the amount you pay for your auto insurance. For those getting in on the gig economy, such as starting their own consulting business or driving for Uber or Lyft, everything from homeowners or renters insurance to general liability to auto insurance needs to be examined.
Paying Off a Loan
Some lenders, including those providing personal lines of credit and auto loans, may require that you maintain a specific level of coverage on your items if you have a loan or a note. Once that loan is paid off and is free and clear, you will have more flexibility to modify your coverage. After paying off a loan, it’s a good time to review coverage options.
Built-In Advantages of Quotes
Getting multiple quotes can benefit consumers in a number of ways. First, quotes can help you see if you’re overpaying for insurance coverage. By getting multiple quotes, you could end up saving hundreds of dollars on auto, renters, or homeowners insurance.
You can also look for certain discounts that can help in the long run. Student discounts, having a clean driving record, and having a good credit score present opportunities for lower rates.
Finally, obtaining insurance quotes can present the possibility for packaged deals. Insurance companies can often package coverages together to help people find better financial options. By looking into bundles, like packaging together auto and home, you can end up saving a good chunk of change in the long run.