By Sabrina Karl
Almost no one gets excited about digging up their insurance policy to shop around for better rates. But home and auto insurance is a hefty expense, so it’s worth occasionally reviewing what you’re paying and what rates others are offering. Here are ten great times to do that.
First, there are event triggers, where something has changed in your household situation. Maybe you’ve gotten married or divorced, or are adding a teenager to your policy. These will impact your premium even if you stay with the same agency, so it’s an excellent time to get additional quotes.
Buying a new home or vehicle is also a great time to price-compare. Though it’s a given you’ll have to price out a policy for the new purchase, it’s not a given that you need to stick with your current company, or that you can’t shop around for auto insurance when it’s a home you’ve bought, or vice versa. Use the trigger to shop for both.
Similarly, if you’ve moved, it’s smart to check auto insurance rates from multiple agencies for your new address. Premium calculations take place at the zip code level, so even moving a few communities away can change your pricing.
Changes in your driving or record can also matter. Driving less because you’re working from home or biking to work, or your driving record improving because it’s been three years since you’ve had an accident, can both bring lower premiums.
Beyond these event triggers, it’s also smart to shop around if your home and auto policies are not already bundled with the same company, or because you’re simply looking for ways to cut your family’s expenses.
At a minimum, most experts recommend comparing prices every 1-2 years, and many suggest doing it annually before your policies renew.