Have an empty nest all of a sudden? Before you go turning your kids’ room into a gym, you’ll want to examine whether it’s time to switch car insurance companies.
When your kids leave, you’ll probably end up saving money, but there is a chance you could end up spending more for a policy if you don’t switch providers. Here’s how to properly switch car insurance companies when your kids leave home.
Get Quotes from Your Current Car Insurance Company
As kids get older, their insurance rates drop as long as they stay accident and ticket free. There can even come a point when having your adult children on the same policy as you will save you money through multi-car discounts, meaning you could end up spending more should they leave to fend for themselves.
This is why it’s imperative to call your current car insurance company and ask how much your policy will be impacted should your kids leave. Chances are high you’ll end up saving money, but it’s never wise to assume that will always be the case.
Get Quotes from Competing Car Insurance Companies
With your potential new quote from your current provider in hand, hit the phones of competing insurance companies to comparison shop. By doing this, you’ll get a general idea of how much you could save if you switch. When doing this, ask each competing agent to send you a readout of what’s included in a quote so you can make sure you won’t be losing coverage as a result of a cheaper policy. Also, make sure each quote isn’t the result of a temporary introductory rate.
Find Other Discounts
While comparison shopping after your kids leave, be absolutely honest with the competing insurance companies about new discounts. You may be eligible for extra savings as this is a great time to reevaluate your driving profile. Perhaps you don’t drive as often anymore, or maybe you’re looking to get a fun summer car and want even more multi-car savings. Either way, it’s important to get as many quotes with as many discounts as you can.
Far too often, people overpay for car insurance, especially as their personal situations change. Comparison shopping requires some time and effort on your part, but it’ll be worth it if you can land a lower-cost policy with proper coverage.