How Often should you get an Auto Insurance Quote?
Experts recommend shopping for a new rate every six months or a year.
The car insurance industry is highly competitive and companies often change rates from year to year. Not only that, new discounts could be available at any time. It's the best way for insurance companies to create a competitive advantage.
Getting an auto quote every year gives you the opportunity to save money on your policy by taking advantage of the lowest rates and also the potential discount offers that become available.
How Often should you get a homeowners quote?
Homeowners insurance is a little more involved than car insurance.
Because home insurance covers the value of replacing your home and the things you value inside of it. Because of how much home values can change in a short period of time you don't want to go very long before you shop your rates.
You home can increase in value based on a number of factors but the most common things you need to consider are:
Even without making any big purchases or doing any upgrades to your home, the value of your home (and it's replacement cost) can change based on the cost of materials (like lumber, wiring, labor, etc) and also based on your local housing market.
At minimum, you should get a homeowners insurance quote every year to 18 months. This will help you protect your investment.
(*Note: you may also want to get a homeowners quote if you change your auto insurance company. They could offer a greater discount when you bundle your home and auto insurance.)
How often should you shop for business insurance?
Getting the best rates for Business insurance is all about staying diligent. Not only do you have to consider how your insurance effects your business but you also have to consider the opposite...
How your business can effect your business insurance policy
Every time there is a change in your business, no matter how big or small, it can effect your business owners policy. If you hire or fire employees, make a purchase of business property, if your revenues significantly increase or decline, all of these things can change how much you pay to insure your business.
(No wonder 75% of businesses in the US are under insured!)
Staying on top of your business can help you stay ahead of the curve on your business insurance. Depending on your business, you should review your policy at least every 6 months.
Tips for shopping for insurance
There are a handful of things you can do to make sure you are properly insured while also getting the best rates possible.
The Bottom Line:
Shopping around for insurance can help you get better rates as long as you are not sacrificing coverage on your new policy.