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Don’t Overpay in the New Year! Make Reviewing Your Policies a Resolution

January is the time to make resolutions, so why not add a goal that could save you money in the long run? By taking some time to evaluate your coverage and shop around for better rates, you can keep more money in your pockets in 2023. 

What Kinds of Insurance Can You Update? 

You can review and update all of your insurance policies, from auto and homeowners insurance to life and health. Some insurance policies, like auto and renters, can be changed and updated whenever necessary, while health and life insurance policies may only be updated during open enrollment periods or for qualifying events. 

How to Know What to Update 

There are various things to look for in each of your policies, and different things to update depending on your life and what you need to be covered. For example, if you got a remote job this year and no longer drive 10,000+ miles a year, you could switch to a low-mileage plan, or if you purchased a newer vehicle and would feel more protected with comprehensive coverage, you can upgrade to that. 

 As things are changing and moving in your life, you may want to make sure your policies are updated so you are always prepared and covered. Apart from personal life changes, you should also be evaluating the company that provides your coverage. Companies change their prices, so it’s worth comparing different insurers each year to determine who would provide the most cost-effective coverage for your particular situation. 

The Benefits of Updating Your Policies 

By taking the time to update your policies, you can make sure that you are getting the best coverage for your money and you’re protecting yourself in case something unexpected happens. In addition, if you have any questions or concerns about the coverage provided in a certain policy or you need help understanding the details, you can speak to your provider or an insurance professional. Making a resolution to review and adjust all of your policies each year will ensure that you are always getting the best coverage for your needs and budget. 

Policy Review Checklist 

Auto Insurance 

If you will be reviewing your auto insurance policy, here’s what to look for: 

 These factors should be reviewed at least once a year and updated to fit your personal needs. Homeowners and Renters Insurance When it comes to homeowners or renters insurance, here are some points to consider: 

  • Do you have enough coverage for the home/apartment and possessions? 
  • Have you made any improvements or additions to the property? 
  • Have there been any weather or natural event changes recently that you may need coverage for in the future? 
  • Have you acquired any new valuables lately? 

These are all important points to consider when updating your policy for the new year. Life and Health Insurance With life or health insurance, you need to review the following: 

  • Are there any changes in your family status? 
  • Do you have enough coverage for all of your medical needs? 
  • Have there been any major lifestyle changes (e.g., quitting smoking, healthier eating habits, etc.)? 
  • Are you eligible for any discounts or additional coverage? 
  • Is your renewal rate increasing over 5%? 

 These are all important factors to consider when updating your policy for the new year. 

In all policies, you should consider: 

  • Do other insurers offer similar coverage for a lower price? 
  • Can you get policies from the same insurer, allowing you to bundle policies? 
  • Are there any discounts you may qualify for that can lower your monthly payments? 

By taking the time to review and adjust all of your policies each year, you can rest assured that you are always getting the best coverage for your particular situation. Making this resolution will help give you peace of mind knowing that you and your family are covered in any situation. 

Acceptance Insurance Has Policies You Need 

Whether you are shopping for a brand-new policy or you want to compare rates on a current policy, Acceptance Insurance has the policies you need. We offer coverage for auto, home, life and travel insurance. All of our policies are designed to give you the insurance coverage that fits your needs and budget. Request a free, no-hassle quote today to get the protection you deserve for the coming year! 

Common Questions About Updating Insurance Policies 

How Often Should I Review My Insurance Policies? 

It is recommended that you review your insurance policies at least once a year to confirm they are still meeting your needs and budget. But, sometimes changes need to be made immediately because of life events, such as getting a new car, getting married, etc. 

What Information Do I Need When Updating My Policy? 

You will want to have information on any changes in your family status, driving habits and budget. You will also need to have information on any new possessions or valuables you may have acquired in the past year as well as any improvements or additions you’ve made to your property. 

Are There Any Discounts I Can Get When Updating My Insurance Policy? 

Yes, there are often discounts available for certain types of policies such as multi-car, multi-policy and good driving records. You can also get discounts for being a student and for driving safely. Be sure to ask your insurance provider about discounts when updating your policy. 


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