Last month, my own personal auto insurance policy was up for renewal- so as Pat Riley had recently pointed out—it was time for my own insurance physical!  When I looked over my policy, I realized that the use of one of my vehicles had changed from a “commute” back and forth to work to “pleasure” use.  When we changed that usage, I saved some premium!  Also, I realized that the same vehicle was now more than 10 years old, and it didn’t make a lot of sense to carry both comprehensive and collision coverage anymore- so we removed that as well. 

The changes to my policy directly related to the changes in my life—and had I not sat down for a few minutes to review what was different from last year, I may have been paying for coverage I didn’t really need anymore.

As a second follow up to Pat Riley’s post about the importance of getting an “insurance physical” each year, here’s a checklist for your auto insurance!

How Old is Your Vehicle?

• Does it still make sense to carry both comprehensive and collision on your vehicle now that it’s older?  Or better yet, if the loan is now paid off?

Usage of Vehicles

• Has your employment status changed?  Have you retired since your last review?  Have you decided to become a stay-at- home Mom? 
• Pay attention to the usage of your vehicles—commute, business, or pleasure because this effects the premium!

Deductible Review

• Remember this: the higher the deductible, the lower the premium. 
• Have your agent provide you with different options with your deductibles to see if something is more appropriate for your financial situation this year.

Peace of Mind Coverages to Think About

• Towing Coverage – for when you have an accident.
• Rental Reimbursement – to be reimbursed for a rental car while your car is being repaired.
• Repair/Replacement Cost on new vehicles- a total covered loss can buy you a new version of your vehicle.