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When The Right Time Is To Cancel An Outdated Auto Insurance Policy

Wednesday, September 15th, 2010

An outdated insurance policy is bad news for a driver, although in a sense, an auto insurance policy can never become outdated. As long as it continues to offer a good rate to its policy holder and good coverage, it’s worth a driver’s time to stick with a policy. An outdated policy occurs, however, when one of these elements lapses, and it’s time for the policy holder to look for another option. Many drivers don’t recognize the signs of an outdated policy, simply because they don’t take the time to look at the other car insurance quotes on the market.

Getting a good selection of car insurance quotes can tell a driver a lot about the rates that he or she is paying. Many insurers don’t automatically reduce their rates as a policy ages without incidents like claims or traffic citations, which results in car insurance premiums that are far too high given a driver’s record. This becomes immediately apparent when a driver takes the time to collect a few quotes. Drivers who notice high premiums on an outdated policy should call their insurance companies to ask for a lower rate. This can be a surprisingly easy way to get lower premiums without switching insurance providers. However, if an insurance company refuses to lower a safe driver’s rates after being provided with proof of competitors’ quotes, it’s time for the driver to move on and select one of the other insurance companies.

Many outdated car insurance policies don’t offer sufficient coverage, and this can be problematic. Driving with insufficient coverage can be dangerous. Look over your auto insurance policy, and consider your coverage limits and deductibles. Make sure that you could afford the cost of an accident if one were to occur. You may need to adjust your coverage levels several times a year, depending on your driving habits. As a general rule of thumb, drivers should always adjust their coverage levels after buying a new vehicle or when driving habits change in an important way (for instance, drivers who begin carrying an extra passenger on a regular basis should adjust their rates).

To avoid owning an outdated policy, look at other policies on a regular basis, and try to think carefully about your auto insurance policy every six months or so. Talk with friends and family members to find out about their coverage, and if you hear any good car insurance tips, be sure to use them. You’ll pay less for the coverage that you need if you keep an eye on the age, coverage levels, and cost of your auto insurance policy.

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