When life brings changes, it's important you remember to update your auto insurance accordingly. That way, you maintain the proper coverage despite fluctuating circumstances. In the sections below, Patrick Brent Roark, Nationwide Insurance Agent in Grayson, KY, explains why it's crucial to keep your car insurance current and also discusses some situations in which updates are necessary.
Why Is It Important to Update Your Auto Insurance?
The purpose of auto insurance is to protect you financially in case an unfortunate event occurs. To protect you adequately, your policy must reflect your current circumstances. Otherwise, you could end up with unfortunate coverage gaps that leave you financially vulnerable. Auto insurance covers a variety of risks, including damage to your car, injuries to you and your passengers, damage to other people's property, injuries to other motorists and pedestrians, and the cost of defending a lawsuit if you're found at fault in an accident. When life changes increase your risk—or the potential cost—of injuries, damages, or liability, it's important to consult an insurance agent and update your policy to reflect these changes.
When Should You Update Your Auto Insurance?
You should update your auto insurance coverage when your car has aged sufficiently that it no longer makes sense to maintain comprehensive and collision coverage. In such cases, the cost of insurance may outweigh any return you could expect to receive. Also, if your teen is listed as a new driver on your policy, it may make sense to increase your liability and medical payment coverage to be safe. If you've recently moved or taken a new job that changes the length of your commute considerably, it makes sense to update your policy to reflect the increased—or reduced—risk. If you've recently acquired assets through an inheritance or another windfall, you should consider upping your liability coverage to protect your new wealth from forfeiture should you be responsible for an accident.
If you suspect you need to update your auto insurance coverage, discuss your situation with Patrick Brent Roark, Nationwide Insurance Agent in Grayson, KY. He can help you design a policy that fits both your budget and your current circumstances. Call (606) 474-7818 to discuss your options, or visit their website to request an auto insurance quote.