We get it, insurance might be exciting to us, but the average person would rather spend their free time thinking about other things. For most people, the only time they think about their car insurance is when they have to, unfortunately, make a claim or when it comes time to renew. That's understandable, but you should know that you might be missing out.
When it comes to insurance, it pays to stay on top of things. Your premiums are based on a complex combination of factors and as your life changes, your rates may be eligible to change too. It is possible there is a better deal you could be getting on your insurance if only you took the time to reexamine your policy. At Staebler, it's our job to find you the best possible deal on your insurance, so we're always happy to reassess your situation. As long as you keep us in the loop, we'll do our best to find you a better rate!
So when are the best times to renegotiate your car insurance deal?
When you buy a new set of wheels
Whenever you change your vehicle or purchase a new one you're going to have to update your insurance, so why not take the opportunity to see what else is out there? Chances are your current company will make a reasonable offer, but depending on the model of vehicle you've purchased, your rates could go up. This is the perfect time to see what the competition is offering and if they would like to earn your business with a better rate.
During a change of address
Are you moving? Whether you're heading to a new city or just a new neighbourhood, your insurance premiums will change. This is a great time to reassess your coverage and scout around for a better deal. It is entirely possible that another company provides superior rates in your new area and your broker can help you negotiate a fresh deal that will help you comfortably settle in.
First off, congratulations! Secondly, let's talk insurance! The driving records of both partners count when insuring a household and it may be possible to find a more favourable rate as a couple than when you were single. So once you get back from the honeymoon, be sure to share the good news with your broker and maybe they'll be able to tell you some good news in return!
When the kids have grown up
Where does the time go? It seems like only yesterday you were teaching them how to ride their bikes without training wheels and now they're asking if they can borrow the keys to the car. When you're adding teenage drivers to your policy, it is absolutely the time to shop around for more favourable rates. Adding inexperienced drivers to your policy generally means an increase in premiums, but rates can vary wildly between insurance companies. If there was ever a time to do some comparison shopping, this is it.
When you've made a mistake
Oh no, did you get in a little fender bender? Was it your fault? Oh dear. Well, that's not good news – but it doesn't need to be horrible news.
After the retirement party
Is it finally time to hang it up and enjoy some downtime? That's great! And do you know the best part of being retired is (well, aside from never having to file another TPS report again)? No more commuting! When you exit the workforce, the amount of time you spend on the road decreases, along with your risk. This is especially true if you've been accustomed to an especially long commute for many years. Let your insurance broker know that your work situation has changed, and they may be able to find you a better deal.
Whenever you feel you're paying too much
Do you feel like your premiums are too high? They just might be! It's never a bad idea to check in with your broker and explore your options. And remember, even if you are happy with the deal you have now, that doesn't mean there isn't a better one out there!