Re-evaluating Your Auto Insurance Once the Kids Have Grown
When the kids grown up and move out, you may be thinking about planning a
vacation or remodeling your home. However, before you do that, take a moment to
talk with your insurance agent because you may need to make a few adjustments
that could save you a considerable amount of money.
According to the author or The Insurance Maze Kimberly Lankford, "The biggest
mistake people make after the kids leave the house is not making changes to
insurance. She says, "It's one of the key times to look at insurance."
Now That the Nest Is Empty
If your children have left home recently, you are at a stage in your life when your
auto insurance needs have changed significantly. Everyone knows that adding your
children to your auto insurance policy can drive up the cost. Once your kids have
moved out, you can adjust your coverage and begin paying a lower premium right
Saving money on your car insurance is just one of the many benefits of growing
older. For example, if you are between the age of 55 and 70, you may be eligible
for discounts that may not apply to younger drivers. According to Roger Sevigny
with the National Association of Insurance Commissioners and the Commissioner
of Insurance in New Hampshire, "As you become a more mature driver, there are
more discounts available."
If your kids are old enough to move out of your house, chances are that you have
reached retirement age. If you are no longer commuting back and forth to your job,
you may be eligible for lower auto insurance rates. The amount of driving that you
do has a direct impact on the price that you pay for your insurance.
Since your kids will no longer be driving your vehicle, it is time to take them off
your policy. If they have just left for college, you should talk to your insurance
agent about obtaining a distant student credit. You may be eligible if your children
go to school full time a certain distance from home and did not take a family vehicle
with them, you will get a nice break on your premium costs.
At this stage in life, it is time to start downsizing where you can. Take the time
to talk with your insurance provider about bringing down the cost of your auto
insurance now that your children are no longer primary drivers of your vehicle.
Mary W. writes frequently on insurance and related topics, and understands
that, while it’s a tedious subject to consider, there is a great deal of
consumer savings to be had just by taking a few moments to reevaluate
your driving situation.