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Is your auto policy up for renewal? Here’s what to look for.

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Most insurance companies renew your auto insurance every six months. It's a good time to look at your policy to be sure you're getting the coverages you need at a price you can afford.

Look through your renewal and ask these questions:

  1. Did your premium increase?

    If your bill went up, take these steps:

    • Ask your agent for an explanation. They should be able to tell you what went into your premium increase.
    • Check your CLUE report to make sure your claims history is right. A CLUE report shows the claims filed for any car for the past seven years. 
    • Ask your agent if there's anything you can do to help lower your premium. Get our tips to save money on car insurance.
    • If you want to shop for a better rate, start with our HelpInsure.com website to get sample premiums. Then call the companies you're interested in to get exact quotes.

  2. What are your deductibles?

    A deductible is the amount you pay before the insurance company will pay a claim. Switching to a higher deductible can lower your insurance premium.

    But remember, a higher deductible means you’ll pay more out-of-pocket if you do have a claim. Think about how much you can afford to pay if your car is damaged.

  3. Are you getting all the discounts?

    Ask your agent if your insurance company offers any new discounts or any you're not getting. Maybe you drive fewer miles than last year or want to sign up for a driving monitoring program. Both of these discounts could save you money.

  4. Do you have a new driver or a new car?

    If you have new drivers in your house, add them to your policy. Get tips on ways to save with new drivers.

    If you bought a new car, you'll want to be sure it's on the policy. If you sold your old car, be sure to remove it.

  5. Do you have the right coverages?

    You want to be sure you have enough coverage to pay for car repairs, but not too much that you're wasting money. Ask yourself about these coverages:

    • Do you have enough liability coverage? If you cause an accident, minimum liability coverage might not be enough to fix the other driver’s car or pay their medical bills. You’re responsible for paying the rest or the other drivers could sue you.
    • Do you still need collision coverage? If you have collision coverage on a car that's paid off, make sure the car’s value is worth more than what you’re paying for that coverage.
    • Do you still need gap insurance? You can cancel your gap policy when you owe less than your vehicle is worth. This usually takes about two years. Compare how much you owe on your loan with online car value guides. Learn more about gap insurance.

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Questions? Call us at 800-252-3439.

Last updated: 9/11/2024