Auto insurance in Illinois is legally non-negotiable. Failure to procure it is a fast way to lose your license, land in jail, or end up on the hook for massive amounts of damages in civil proceedings.
Not all Illinois auto insurance policies are made the same, though. That’s not necessarily a bad thing. As life goes on, your circumstances will likely change, and so too will your insurance needs. This makes reevaluating your auto insurance coverage with the David Nelson Agency a smart move. Let us explain why.
Ensures Adequate Protection
We understand that sometimes you purchase Illinois auto insurance with limited upfront financial resources. Those limited policies, unfortunately, have the kind of coverage that matches their cost.
By regularly reevaluating your auto insurance, you can make sure you have the best coverage for where you’re at today. This is especially important when considering a new car investment or change in driving habits.
Savings Opportunities
Maybe that fender bender a few years back drove up your insurance costs. Perhaps you had a couple of speeding tickets to your name that had you paying for your mistakes twice over. Your rates could have been inflated by your age or vehicle or neighborhood.
But things change. With a solid and consistent driving record over time, your available rates might change significant. Reevaluating your options can help you better seize those opportunities.
Compliance with Regulations
Just as your life and circumstances can change over time, so too can the law. It’s worth your while to talk to folks like those at the David Nelson Agency from time to time to make sure you’re complying the most current regulations when it comes to Illinois auto insurance.
Optimization of Coverage
Every now and then, we get a little overzealous about protecting our automotive babies. We may sign up for policies that are exceptionally comprehensive and come with an exceptional price tag.
This is entirely understandable, but not always necessary. Sometimes larger policies are not the most cost-effective approach to auto insurance. Though it might be odd to hear a company that offers auto insurance say you don’t always need the biggest policy out there, we at the David Nelson Agency firmly believe that the best policy is the one that best serves you and your specific needs. That’s part of why we recommend periodic auto insurance reevaluation.
Staying Informed About Policy Terms
If a pop quiz about the specifics of your auto insurance policy would leave you scratching your head, you’re not alone. Very few of us have the particulars committed to memory, nor would anyone expect you to recite the bullet points.
This is part of why occasionally reevaluating your Illinois auto insurance policy is advisable. Reminding yourself of what is and is not covered can help you make better choices about your needs moving forward.
When to Reevaluate Your Auto Insurance Coverage
Maybe you’re on board with the idea of periodically reviewing your auto insurance. But what does periodic mean? There are a few key times when you should really take a closer look at things.
Policy Renewal Periods
Your auto insurance policy typically renews annually. This offers a built-in checkpoint for reviewing where you’re at, what’s changed, and where you’re headed.
Life Events
Significant life events such as marriage, divorce, having a child, or sending a child to college can impact your insurance needs. If your life is in flux, it can’t hurt to make a call and see how those changes could or should impact your coverage.
Vehicle Changes
Whether you’re selling your existing vehicle, downsizing, upgrading, trading in – it doesn’t matter. When your auto ownership status changes, your insurance has to change, too. That should be one of your first calls. Failure to do so can result in serious exposure to legal and financial liability.
Relocation
Moving to a different state may change your insurance requirements due to varying state insurance laws and coverage needs. But even if you’re moving to a new place in the same state, your rates could still change. To ensure coverage continuity, it’s imperative to review your policy.
Change in Driving Habits
If you change your daily commute, work from home, or no longer use your vehicle as frequently, it could affect your insurance needs. Adjustments to your coverage may result in cost savings. On the flip side of this equation, increased use of your vehicle might change what is or is not covered. This can be especially true if you’re driving for a ride-sharing company. Reevaluating your policies can help you make sure there are no unforeseen gaps in your coverage.
Safety Features
Have you recently installed a new security system? Do you take steps to maintain the safety of your vehicle on the road? These types of steps can impact how much you pay for auto insurance. Reviewing your policy gives you the opportunity to identify potential savings you might have otherwise overlooked.
Check Your Work
Your insurance needs matter. Reevaluating your Illinois auto insurance policy on a regular basis is the best way to make sure they are properly met. The David Nelson Agency offers personalized assistance and guidance as you travel this road. Contact us today to start reevaluating your options today.