4 Times to Update Your Car Insurance Details
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When you’re facing a significant life event, there are many details to consider. Did you get the proper license? What about your down payment? As you work through the details of your major life event, did you remember your car insurance policy? As life changes, you need to update your policy.
- You Get A New Car
The first reason you need to update your insurance policy is when you buy a car. Whether you’re buying something off the showroom floor or a pre-owned model, the change can impact your insurance. As soon as you get your car, call the insurance company.
Depending on the age and body style of the new vehicle, your rate may change. Make sure you get an updated proof of insurance before you register your new vehicle.
- You Move
Congratulations on your upcoming move! As you plan the big change, did you contact your car insurance company? As soon as you know your new address and move-in date, call the company. This is especially important if you’re moving out of state. Many companies have different rates in different states. By calling your insurance company early, you can make sure your policy meets the requirements for your new move. You also have a heads-up on any rate changes.
- You Change Your Name
Changing your name is another important reason to update your auto insurance policy. Your policy needs to reflect your current legal name. Whether you’re getting married or divorced or have decided to change your name, the company needs to know. This is important for two reasons. One, your information needs to remain legal if the authorities ask for it. Two, if something happens, your company needs to know who to contact.
- You Have A New Driver
Parents, this significant life moment is just for you. If you have a newly licensed teen driver in the house, you can add him or her to your existing policy. Whether he or she is driving your car or has his or her own car, the insurance company needs to know. Yes, this change will impact your rates. However, it will save your new driver money in the beginning. Once he or she is more established, call your company about getting him or her a separate policy and bundling the two. It can save both of you money.
When you add a new driver to your policy, the rate change is determined by the new driver’s age as well as what type of vehicle he or she drives. It’s important to get your new driver covered as he or she learns to drive. You’ll need coverage for the driver as soon as he or she gets a learner’s permit.
Make sure your policy is updated as life changes. You can contact your insurance company or even make the changes online. An updated policy keeps you street legal and protects you from anyone who wants to commit fraud in your name. It also helps avoid the risk of being dropped by your insurance company for the wrong information.