Insurance Guarantees the Future

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Insurance Guarantees the Future

Have you ever taken a step back to think about what you're really doing when you buy insurance? If so, you may have realized that when you buy insurance, you are guaranteeing the future. For instance, if you insure your car, you are guaranteeing that if something happens to your car in the future, you will have the money to repair it or replace it. If you insure your home, you're guaranteeing that if the roof caves in after a big storm, you won't have to pay for repairs. This is just one way to think about insurance, of course. You can learn more about the field — and other ways to think of it — here on this blog.

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While most Canadians recognize the fact that it's always a good idea to regularly assess their car insurance coverage, they often go years without actually doing so. But 2021 should be the year when you take the time to reassess your auto coverage for a variety of factors. Why? Here are the three best reasons to take this step this year. 

1. You May Drive Less

Most people found themselves driving less than ever during 2020. Some of that was due to temporary issues like local stay-at-home orders, but other reasons will continue to persist into 2021. You may work from home for the foreseeable future. Your kids might continue with online school. Events will continue to be closed or limited in the coming year. Or you simply could be leery of travel.

If you fall into any of these categories, a different policy — such as low mileage policies — may be more appropriate. You might even want to shop around for a carrier that offers better deals to stay close to home. 

2. Your Drivers May Be Different

Another pandemic trend has been adult children returning to the nest and the addition of aging parents or grandparents to the family home.

If your family structure is different than it was a year ago, your auto coverage might need to be tweaked. Often, you can bundle more policies together to get better rates. You may want to adjust individual vehicle coverages if those vehicles are used differently now. And you might even find that some people's vehicles aren't being used at all these days. New household arrangements call for new coverage. 

3. Your Finances Might Be Altered

Many families have struggled during the pandemic and coinciding economic challenges. If your finances are not what they once were, your insurance coverage may need to be adjusted to compensate. How? 

Some people opt for reduced, liability-only coverage if they can cover the cost of replacing an older vehicle if needed. But can you still afford to do so? If not, this is a small price to provide a bigger safety net. And a family on a tighter budget may need to shop for better prices or more discounts. Your insurance broker can also help brainstorm ways to reduce insurance costs while still being covered. 

Where to Start

Very few people have exactly the same circumstances they did at the beginning of 2020. And as you look toward 2021, the best way to protect yourself and your finances is to recognize this and make adjustments where you can. Learn more by meeting with an auto insurance broker in your area today.