Lifestyle changes may necessitate insurance review: III
The new year is a great time to review coverage, especially for people who have undergone recent lifestyle changes
Changes like marriage, divorce, a new job, a newly licensed driver or retirement are opportunities to review personal insurance policies, the Insurance Information Institute advises.
Married couples may be able to avail themselves of discounts on insurance. Couples also may need life insurance, if one spouse is dependent on the other party’s income. And a divorce will require separate insurance policies.
A household with a newly licensed driver should review its auto insurance policy, the III suggests. Covering a teen’s car under an existing policy can garner a multi-car discount; policyholders should also be aware of the discounts teenagers can enjoy for good grades or driver training courses.
Retiring or buying a retirement home may necessitate new insurance policies, as well. A retirement or second home on a mountainside or near a beach may require expensive insurance, the III cautions. And a new retiree is likely driving less, meaning that he may be able to pay less for auto insurance.
“Discuss your current insurance needs with your agent, broker or company representative to make sure that your coverage is up-to-date,” III consumer spokesperson Jeanne M. Salvatore recommends.
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Posted: February 3, 2010
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