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MoneyRates.com monthly resolution #11: Compare insurance quotes

November 04, 2010

| MoneyRates.com Senior Financial Analyst, CFA

At the start of the year, MoneyRates.com offered 12 monthly resolutions to help people improve personal savings rates. The resolution for November is to compare insurance quotes -- and make a change if you can get an equivalent amount of coverage for a significantly lower rate.

Auto insurance coverage is probably the most dynamic in terms of how quickly your needs change, but there are also reasons to revisit home and life insurance periodically as well. Besides the fact that competing providers may be ready to offer you a better quote, here are some reasons why your insurance situation may have changed since the last time you bought insurance:

  • Auto insurance. On a continual basis, your vehicles will age or change, your driving record may evolve, and claims data for your home area can change as well. These changes are likely to affect your insurance rates, and in the process the company with the most competitive quotes for your needs may change.
  • Life insurance. Obviously, with each passing year your life expectancy grows a little shorter. In addition, your health situation, financial means, and your family circumstances may also change. All of these things affect your life insurance needs and the cost of life insurance, so it is worth getting a new quote from time to time.
  • Home owner's insurance. Even if you stay in the same home year-after-year, the replacement cost of housing materials may change, as might the value of the possessions you keep in your home. In general, those factors will tend to rise over time, so if you don't periodically upgrade your home owner's insurance, you may be caught short if disaster strikes.

In summary, there are two reasons to regularly revisit your insurance coverage: your needs might change, and the cost of coverage might change. Web sites like Insure.com and Insurance.com can be helpful resources when shopping for insurance. They can help you find competing quotes on insurance, and well as provide you with educational articles on various types of insurance.

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