Stay Covered: A Guide to Updating Your Auto Insurance Policy

Auto insurance is a critical aspect of car ownership and is required by law in most provinces in Canada. Having the right insurance policy can shield you financially in case of an accident, theft, or damage to your vehicle. 

However, many overlook the importance of regularly updating their auto insurance policies. This article will guide you through updating your policy to ensure you’re always covered.

Review Your Coverage

The first step in updating your auto insurance policy is to review your current coverage. Your policy may have been ideal when you first purchased it, but your needs may have changed. 

For instance, if you’ve recently purchased a new car, you may need to increase your coverage to reflect the value of your new vehicle. Similarly, if you’ve paid off your car loan, you may want to contemplate reducing your coverage to save money on your premiums.

Check For Discounts

Auto insurance providers offer discounts that can help you conserve money on your premiums. Some common discounts include safe driver discounts, multi-car discounts, and bundling discounts (combining your auto insurance policy with different kinds of insurance, such as home insurance). Be sure to inquire about discounts you may be eligible for.

Consider Additional Coverage

Regarding auto insurance, having the right coverage to protect you in an accident is important. While standard coverage is a good starting point, there are additional coverage options that you should consider to provide extra protection.

One such coverage option is collision coverage. This type of coverage can help fund repairs to your vehicle if you’re at fault in an accident. Without collision coverage, you would be expected to pay for these repairs out of pocket. Collision coverage can also help cover replacement costs if your car is totalled during an accident.

Update Your Personal Information

It’s important to keep your personal information up-to-date with your auto insurance provider. This comprises your name, address, and contact information. 

If you’ve recently relocated to a new location or changed your phone number, inform your insurance provider as soon as possible. Failure to update your personal information could delay the processing of your claims or even cancel your policy.

Notify Your Insurance Provider of Changes to Your Vehicle

If you’ve made any modifications to your vehicle, such as upgrading your stereo system or swapping out stock with custom rims, inform your insurance provider. This will ensure that your policy reflects the true value of your vehicle and that you’re insured in case of any damage or theft.

Review Your Deductible

Your deductible is the amount you’re required to pay out-of-pocket before your insurance kicks in. If you’ve recently undergone a change in your financial situation, you may want to consider adjusting your deductible to better suit your needs. A higher deductible can lessen your premiums, but it could also mean you’ll have to pay more out-of-pocket in case of an accident.

Conclusion

Updating your auto insurance policy is essential to being a responsible car owner. By reviewing your coverage, checking for discounts, considering additional coverage options, updating your personal information, notifying your insurance provider of changes to your vehicle, and reviewing your deductible, you can ensure that you’re always covered in case of an accident or theft. 

Looking for reliable and affordable home and auto insurance in Sherwood Park? Look no further than Reliant Insurance! Contact us today to review your policy and get the coverage you need to protect your assets. Don’t wait – call now and get peace of mind knowing you’re covered.