Best Time to Start Shopping for Insurance – Part 1
When Should You Start Shopping for Insurance?
Many people feel overwhelmed when it comes to buying insurance. One of the most common doubts with people is when is the best time for them to start shopping for insurance. The truth is, it can vary depending on the scenario and the type of coverage you’re looking for —whether it’s home insurance, auto insurance, or any other kind.
Here’s a quick guide that can help you define when is the most appropriate time to get home or auto insurance.
Are You a First Time Buyer?
If you’re trying to insure your new home or vehicle for the very first time, the truth is there is no wrong time to start shopping for insurance. The sooner you can get it, the better, as you will be able to protect your assets quicker and mitigate the risks associated with them. Ideally, you should have your insurance policy in place by the time you get those keys in your hand.
Are You Renewing Your Insurance?
It is recommended that you start shopping for insurance once you get your renewal notice, which is about a month to a month and a half before you need to renew your policy. With this information in hand, you will know what your rates and coverage will be for the next term of your policy, which makes it an excellent time to make decisions. If you decide to go with a different insurer, it is best to have everything ready about a week before your switch date, to avoid lapses in coverage, which can cause your premiums to increase.
Are You Looking for New Insurance?
A couple of months in advance is a reasonable time to start shopping for your new insurance. That doesn’t mean you can’t do it with less time to spare, but it’s best to give yourself some wiggle room. Either way, be sure to work hand in hand with your independent insurance agent, as that’s the best person to help you with your insurance needs. This way, the process will be more efficient.
Are You Looking to Switch Midterm?
One of the main reasons why you might feel the need to switch insurers midterm —several months away from renewal— is that you are very much displeased with the quality of the service provided, which is understandable. At that moment, it is probably a good idea for you to start shopping around. But be sure to switch for another company you can trust, keeping in mind that you are likely going to have to pay off any pending payments, and your current insurer might charge a cancellation fee.
Are You Moving States?
The time you get to register your car and get insurance might vary depending on the state you’re in, but it could be anywhere from 30 to 90 days. It is recommended that you purchase your home and car insurance as soon as possible. Ideally, your home should be insured before you even step foot in it, and your car should be covered before crossing state lines.
Did you know you are more likely to submit an insurance claim after you move? That’s because the risks increase after a move. All the more reason to have all the coverage you need in place before you even step foot in your new state.
Consider these tips the next time you’re in need to get a home or insurance policy to ensure you get the best premiums and coverage for your needs. If you’re looking to get a different type of insurance, but you’re not sure when the best time for that is, stay tuned for our next blog. 😉