While there are countless forms of insurance out there, one kind that almost all of us are familiar with having is auto insurance. In fact, if you have a car, having insurance is essential to getting behind the wheel (some people even have it despite not having a car). However, just like every other form of insurance, it’s easy to overpay, which can really add up over the years. Consider the three telltale signs you may be in this boat.
First, if you’re not regularly shopping around to see what the rest of the market has to offer in terms of auto insurance, you’re probably overpaying. This is an easy mistake to make though and often one that just becomes convenient to accept. Many of us use a local agent we may have known for years and even have developed a rapport with. But that doesn’t mean they’re actually representing your best interests.
The auto insurance industry is a dynamic one, meaning rates for coverage are always fluctuating. As such, if you don’t keep abreast what rates are standing at, you are most likely overpaying.
Second, if you haven’t changed carries in the past few years, you’re probably falling into the first mistake. If it’s been five years, you either have the best carrier out there—and one that’s been doing extremely well for you over a fairly long period of time—or you haven’t shopped around enough. Consider using comparison sites to find out if a better option exists.
Third, and along the same lines, if you’ve never cancelled a policy, it’s probably because you’re unaware you’re overpaying. Unlike other purchases you may make, auto insurance can be cancelled at anytime and you can even get a refund. So there’s no reason not to cancel coverage and change to a better option.
If you’ve never found yourself doing any of the above, there’s a good chance you’re paying a lot more than you need to on car insurance. Take a second to rectify that today.
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