3 Good Reasons to Reshop Your Insurance

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How often do you change the oil in your car? How often do you change your toothbrush?

Most of us know when it’s time to change toothbrushes or motor oil. But when is it the right time to change your insurance?

If you’re like most people, when it comes to insurance, you want to set it and forget it. According to one study, nearly half the country hasn’t compared insurance rates in the past three years. But why? The truth is that you have the flexibility to reshop your insurance whenever you like. And, in doing so, you can potentially save money while getting better coverage from top carriers. It’s also easier than ever!

If you need encouragement beyond saving money and getting better coverage, here are three more good reasons why you should consider reshopping your insurance today:

  1. Circumstances change.
  2. Vehicles depreciate.
  3. Insurance companies regularly change rates.

Changing Circumstances Can Change Your Rates

As the saying goes, “The only constant is change.” Our personal circumstances change often, and it’s likely that yours have changed over the years.

You may have paid your mortgage down a bit more, or maybe your credit score has changed. Maybe you’ve made some home improvements, or maybe you’re now working part-time as a ride-share driver. Whatever it is that may have changed, it’s likely to factor into your insurance rates.

We’re not so much talking about the “big stuff,” like buying a new house or adding a new driver. Those are obvious reasons for reshopping your insurance. We’re talking about eight months down the road, after you finally got the kitchen renovated and you’re celebrating with some takeout. Why not extend your celebration to include checking on your rates?

If that last part sounds to you like the least fun thing ever, don’t worry — you’re perfectly normal. Everyone worries that shopping for insurance is a hassle. But the truth is that it doesn’t have to be! Making insurance easy to understand and painless to purchase is Covered’s central mission.

Nearly 4 in 10 Americans who have auto insurance haven’t shopped to compare prices in at least three years, according to a new report from NerdWallet.com. For a good driver, that misstep amounts to an average loss of $416.52 per year.

Depreciation Happens

Look, your car depreciates, your rates get lower as you age, and life happens. Things depreciate because we use them. That’s actually a good thing (especially if you sell cars or houses, right?). Over time, this use and depreciation should reduce your liability and thus lower your overall insurance costs.

The cool thing — yes, insurance is cool, we promise — is that insurance takes all of these factors into account, providing you with coverage and rates that are attuned to your needs. At least, that’s the system we’ve built at Covered. And that’s why we want you to check us out, so you can learn just how easy it is to reshop your insurance whenever you want. The only thing constant is change, after all.

The Rates They Are A-Changin’

Speaking of change, we live in an accelerated age chock-full of it. Markets may swing wildly, and indices will do their thing. And insurance rates will continue to rise and fall due to a variety of factors.

Some of those factors are just things that happen, like the depreciation mentioned above. Others may be due to your fiscal solvency, thus affecting your credit. There are also external factors, like the risks of a certain location or line of work. All of these aspects can come to bear when it’s time to write an insurance policy. That’s why it’s so important to reshop, and to reshop wisely. When you reshop for insurance, you may be able to make many of these changes work in your favor.

What’s the incentive, you say? Potentially hundreds of dollars a year in savings, that’s what. Even in the “bad old days” of shopping for insurance, savings like that were still likely worth your time. And that was when you’d have to call around to find an agent who would then spend time asking a bunch of questions to tailor a policy to you. And then you’d have to repeat the process over and over again, answering the same questions from agent after agent.

What if it didn’t take a couple of hours to shop around? What if you could go to one place, seeing quotes in plain language that make sense and take into account all the unique aspects of your situation? Oh, and what if all of this connects you directly to a network of independent advisors who will be there for you and help you make the best decisions? NOW we’re talking easy and enjoyable.

There’s no “what if” about it. It’s possible, because it’s Covered. We’ve built a best-in-class user experience that helps you quickly and painlessly find and purchase the right coverage at the best price. Now isn’t that an insurance re-shopping experience worth celebrating?

Ready to get started? Get fast and accurate quotes online or give us a call at (303) 302-9927. One of Covered’s shockingly cool independent advisors will be happy to answer any questions you may have.

Cover Photo by Alexandru Tugui on Unsplash