When should you think about auto insurance? Before you buy a car? After you’ve purchased a new car? Absolutely. But those are not the only times that you should review your auto insurance needs. A change in marital status, a teenage driver in the household, moving or even your upcoming retirement is the time to take a second look at your auto insurance.

Two for the road

When should you think about auto insurance? Before you buy a car? After you’ve purchased a new car? Absolutely. But those are not the only times that you should review your auto insurance needs. A change in marital status, a teenage driver Now that you’re married, there’s something else you can share — a discount on your auto insurance.  You can accrue savings if you insure more than one car with the same auto insurer. If you and your spouse both have cars, it can be advantageous to have both cars covered under the same policy. And you’ll simplify your bookkeeping by having to keep track of only one set of premiums.

Splitting Up

With all the emotional upheaval of a divorce, auto insurance may not be on your list of priorities. However, the fact that you may now be the only driver could result in a significantly higher premium — at the same time that your income may be reduced. 

Examine different companies to find one with rates that work within your budget. If you have fewer assets, you may need less coverage which would lower your premium. Another way to lower your premium is to set a higher deductible.

If you have fewer assets, you may need less coverage which would lower your premium.

Loss of a spouse

While coping with the grief of the loss of your spouse, you will also have to deal with the fact that your insurance premiums will go up since you are now the sole driver. Depending on your needs, you will probably only have one car and the cost benefit of insuring multiple vehicles with the same auto insurance carrier will no longer apply.

You may want to discuss your options with your financial planner. However, you will need to determine the coverage you need and what you can afford. Comparing rates will give you an idea of what different companies can offer you. Try raising your deductible to lower the premium. If your car is an older car, you might be able to eliminate comprehensive coverage. You should always check to make sure your insurance meets the mandatory requirements for your state.

Making A Move

Notify your insurance agent as soon as your teenager starts to drive. You will have higher premiums –as much as 100 percent for a son. It is however best to insure your teenager under your policy so that you can get a multi-policy discount. Keep in mind that if your teenager is away at school, you may get a discount for the time that he or she cannot drive the car. To be eligible, your teen must at least 100 miles away from your home.

Teen At The Wheel

Notify your insurance agent as soon as your teenager starts to drive. You will have higher premiums –as much as 100 percent for a son. It is however best to insure your teenager under your policy so that you can get a multi-policy discount. Keep in mind that if your teenager is away at school, you may get a discount for the time that he or she cannot drive the car. To be eligible, your teen must at least 100 miles away from your home.