Motorcycle Insurance | Boizelle Insurance Partnership

What Should My New Year’s Resolution Be With Regard to My Insurance?

The coming new year is always a time when people feel inspired to assess their accomplishments of the previous year and to see how they can make improvements to their moving forward. From traveling more to getting into the best physical shape of your life, the ideas certainly can make up a long list. But, when was the last time you thought about your insurance coverage? Are you sure that you have enough in place? What if something disastrous happens? Will you be covered? Are your current coverages sufficient enough to cover the damages? Now may be a good time to consider giving us a call!

1. Review and Update All Policies

• Why: Over time, your life circumstances (new job, home purchase, family changes) may affect your insurance needs.
• Action: Make it a habit to review your auto, home, life, and health insurance policies annually. Ensure that your coverage amounts are still appropriate and that you’re not overpaying for unnecessary coverage.

2. Increase Your Deductibles to Save Money

• Why: Higher deductibles generally result in lower monthly premiums.
• Action: If your financial situation allows for it, consider increasing your deductibles to save on premiums. Just make sure you can afford the higher deductible in the event of a claim.

3. Add or Review Supplemental Insurance

• Why: Sometimes, basic coverage isn’t enough for certain needs.
• Action: Look into adding supplemental policies like disability insurance, critical illness insurance, or an umbrella policy if you think additional protection is needed.

4. Ensure You Have Enough Life Insurance

• Why: Life insurance should reflect the current needs of your family and dependents.
• Action: If you’ve had major life changes (e.g. marriage, children, or a home purchase), review your life insurance policy to ensure it’s adequate.

5. Focus on Preventative Health Measures

• Why: Good health insurance can be more affordable and valuable when used for preventative care.
• Action: If you have health insurance, make sure you take advantage of preventative care benefits. Staying healthy can help reduce overall healthcare costs and premiums.

6. Set a Goal for Claims-Free Status

• Why: Maintaining a claims-free status can lead to discounts and fewer premium increases.
• Action: Try to minimize accidents or damages, and avoid unnecessary claims to keep your rates low.

7. Read and Understand Your Policies More Thoroughly

• Why: Knowing the ins and outs of your coverage will help you make informed decisions.
• Action: Take time to carefully read your policy documents and learn about your coverage limits, exclusions, and claims process.

8. Consider an Umbrella Insurance Policy

• Why: It offers extra liability coverage beyond your home and auto insurance, which can be beneficial for unexpected situations.
• Action: Research whether an umbrella policy fits your needs for an extra layer of financial protection.

9. Assess Your Auto Insurance Coverage

• Why: Driving habits, the type of car you own, and even the area in which you live can influence how much coverage you need.
• Action: Reevaluate your auto insurance limits, considering factors like commute distance, vehicle value, and driving history.

Making a resolution to stay on top of your insurance ensures you’re both financially protected and not overpaying for your insurance.