New Year: New Insurance Resolutions
By Simply Sandra
Review your policy to determine if you need to add additional coverage for things like collisions, theft, rental cars, medical payments exceeding a certain limit, and towing and labor- things that basic coverage plans often exclude. Also if your car is starting to age it may be time to reduce those coverages.
Find out if you have any tickets reflecting in your driving record. Most companies will drop these after 3 to 5 years, if it’s coming up soon you may be able to get your agent to remove it prior to your next renewal so you can start saving earlier. The same applies to claims 3-5 years old.
The biggest factor of your auto insurance cost is your driving history. Driving safer and avoiding distractions like texting while driving are resolutions we hope you stick to.
- Students: Improve Those Grades Before the School Year Ends for the Good Student Discount.
- Research Insurance Rates Before You Shop for a New Car to avoid nasty surprises.
- Stop leaving the keys in your vehicle to avoid thefts.
The start of a new year is a great time to update the inventory of your possessions. For lots of people, the holidays bring with them new, high-ticket presents. The best way to protect these new additions is to make a list of them and other items of value. The list will help you determine if your existing coverage is enough to cover these items, or if you need to adjust your plan. If you ever need have a claim this inventory will help.
If you don’t want to take time to write things down, a very common way is to make a video recording of your home. If there is a theft, you have proof that you own these items you are now declaring.
Also consider a special rider to cover expensive items that may exceed the limits of your home policy. If you have a big flat-screen TV that costs $3,000, you may want to schedule that separately. The cost for a rider is usually pretty cheap and will cover you even from your kids playing ball in the house and knocking the TV off the wall.
- Clean the gutters to avoid water losses.
- Stay in the kitchen while you’re cooking to avoid fires.
Update Your Life Insurance : Many people purchase term life insurance — which pays only if death occurs during the term of the policy — with shorter durations than they should.
You should not only make sure you have the right amount of coverage, but also the right type. If you have term life insurance do you know when your term expires? Will your coverage continue with guaranteed level rates or will they adjust higher at some point in the near future?
Have you experienced any major life changes that need to be reflected in the amount of coverage you have? This can include a change in your job, a new home (because now you’ll need mortgage protection), a new baby, a raise at work or a spouse who stopped working.
Positive changes to your health can have an impact on your life insurance moving forward. For instance, if you’ve lost weight, quit smoking, or are no longer in need of medications for blood pressure or cholesterol, you can ask for a new medical exam with your current provider or take a medical exam with a new company to see if they offer a more competitive rate.
- Read your insurance policies.
- Improve your credit.