Is Your Auto Insurance Policy Up to Date? Here’s How Acceptance Insurance Can Help 

It’s likely that you only think of your car insurance coverage at one point in time: When you need it most. When you realize that it’s all that stands between you and financial problems. 

That’s no time to realize that your policy has lapsed and you actually have no coverage. A wreck when you have no insurance or even just a ticket for no insurance can mean a lot of money out of pocket. 

Why It’s So Important to Update Your Auto Insurance Policy 

This is why it is so important to make sure you update your car insurance policy before it lapses. Or set it up to renew automatically. 

It isn’t always that simple. You’ve got plenty of competing bills to pay, and the paycheck only goes so far. So you determine that your insurance policy renewal must wait. Maybe you can catch it on your next payday. 

Except that, by then, your policy has lapsed. Then comes the grinding, horrifying sound of metal on metal, glass breaking, and savings accounts being depleted. That’s why it’s so crucial that you update your auto insurance policy before it’s too late. 

At Acceptance Insurance, we can help you with automatic reminders, show you how to update car insurance, and provide access to the most affordable car insurance you can buy. 

Key Factors to Consider When Updating Your Auto Insurance 

Have you actually read your policy lately? Probably not. It’s not exactly attention-grabbing. It won’t make your heart race. But it’s still an important document. 

When you bought the policy, your finances might have been tighter than they are now. Maybe you took out a liability plan because it cost less than full coverage plans. That made good sense — at the time. But does it still? If you get into a collision and you’re at fault, your liability plan will only cover the injuries or property damage of others involved in the accident. You’ll have to pay your own damages out of pocket, even if your car is totaled. 

Vehicle Value and Coverage Needs 

What is your car worth? If it’s an older vehicle with very low value, you might consider minimal coverage. In most states, liability is the least expensive level of mandatory coverage. But a car that’s worth more might trigger a search for full coverage, including comprehensive and collision benefits. 

You’ll also want to consider such factors as the unique risks your vehicle might be exposed to if, or instance, you must park your car in an outdoor lot. Have there been incidents of vandalism, burglaries, or car thefts in your neighborhood? Is Mother Nature apt to ran hailstorms? 

If so, you might ask your agent whether you have adequate comprehensive coverage. Comprehensive benefits cover the many ways a vehicle might be damaged, destroyed, or lost when you’re not behind the wheel. That would include theft and vandalism, as well as fire, weather events, and even cataclysmic damage brought on by collisions with deer or other wildlife when you are on the road. 

The point is, there are almost endless ways you can rack up big out-of-pocket costs on your ride through events you might never have even imagined happening. 

Avoid Gaps in Coverage: You Should Never Let Your Auto Insurance Policy Expire 

Lapsed coverage is a two-pronged problem. First and foremost, you have no coverage, and you can never know when you’ll need a current policy. It’s your assurance that you won’t be solely responsible for thousands of dollars in damages, and perhaps even legal and court costs. 

A strong second reason for never letting your coverage lapse is that it’s likely to cost you more in premiums than it otherwise would when you do seek coverage. That’s because your time without it labels you a high-risk driver. When the level of perceived risk increases, so does your premium. 

These are two risks that are easy to avoid. Just make sure you take your notifications seriously and update your auto insurance before the deadlines. 

How to Compare Your Current Auto Insurance Policy with New Offers 

Updating your auto policy isn’t always a matter of simply renewing the plan you already have. As mentioned, the time prior to your renewal deadline is a good time to study your options. 

Are you getting all that you need from your current policy? Could you save money or gain additional benefits from an independent agent? Now might be a great time to find out. 

How to Identify Better Discounts and Savings in New Auto Insurance Offers 

Start by giving those car insurance discounts your full attention. One such offer is known as bundling to save you money. This means buying your auto coverage from the same provider that handles your homeowners, life, or other policies. By bundling policies, you can often earn significant savings. But you’ll never know — unless you contact your neighborhood agent and compare their offer with the coverage rates and terms you currently have. 

The Importance of Comparing Deductibles and Premiums in Your Search 

It’s not just a matter of comparing dollars to dollars when exploring your coverage options. Your premiums can be adjusted up or down based on the benefit package and the deductible you accept. 

Your deductible is the dollar amount you assume before your insurer begins to pay on a claim. For instance, if you have a $1,000 deductible on a $2,000 claim, you agree to be responsible for that deductible amount before your insurer pays the remaining $1,000 in damages. 

The higher your deductible, the lower your premium — but more will come out of your own pocket when a claim is filed. The lower your deductible, the more you’ll pay for coverage — but you’ll only pay that lower amount when a claim is filed. 

It’s a balancing act. You should let your agent conduct an auto insurance coverage review. They’ll run the numbers based on multiple deductible levels, and you can determine which mix of deductible and premium you’re most comfortable with financially. 

Update Your Auto Insurance Today with Acceptance Insurance — Affordable, Personalized Coverage Just for You! 

Acceptance agents are independent brokers. That means they have relationships with multiple brand-name carriers and can find the best auto insurance coverage based on the factors that are most important to you. 

Make contact today. Call us at (877) 405-7102, or get a quick online quote. You can also find an Acceptance Insurance office near you and chat face-to-face. 

Just make sure you reach out in plenty of time to update your auto insurance policy before time runs out.