TUESDAY, SEPTEMBER 26, 2023
Once you've done the hard work of finding the right insurance company and nailing down your policy details, you likely want to kick back and not think about making changes for a little while. However, failing to update your auto insurance policy after a major life change leaves you at risk of improper coverage. If you have an accident while your insurance details are incorrect, you may receive less compensation than you expect — or even none at all. Make sure you keep your car insurance updated if any of these three events occur.
Adding and Removing Drivers
Whether you're getting married, getting divorced, or teaching your teen how to drive, you need to keep your policy updated with all the current drivers using your insured vehicles.
If your teen moves out of the house and starts paying for their own insurance, forgetting to remove them from your policy could cost you hundreds of dollars per year. Letting a new family member drive your vehicles when they're not listed on the insurance policy may lead to a lack of coverage if they cause an accident. Always adjust your policies to feature your family.
Getting a New Car or Selling Your Old One
New cars usually increase your premiums due to the higher replacement value, but buying a reliable vehicle with advanced safety features could lower your premiums instead. Either way, your car insurance company needs to know when you start driving a different vehicle or sell off one you insured with them.
Check with your Killingsworth Agency agent before buying a specific vehicle to see how adding it to the policy will affect the premium. You may decide to choose a different make and model entirely after considering the ongoing costs of insuring it.
Moving to a New Home
Using an accurate and up-to-date home address on your policy is essential. If you move and forget to update your insurance policies, you may find yourself without the right coverage to meet the requirements of your new home state.
Your car insurance company also uses your home address to determine fair monthly rates. Moving to a safer neighborhood with a lower risk of accidents and thefts might reduce your premium, so don't forget to update this information.
All these details are easily updated by contacting a Killingsworth Agency agent. Get in touch today!
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
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