Shopping around for insurance rates is a smart exercise to get into the habit of doing – whether it’s for auto, home, renters, or life insurance. Just like you compare prices before buying a new phone or a plane ticket, shopping for insurance can help you find better coverage or lower rates — and sometimes both.
So, how often should you shop for new insurance? And when is it actually better to stay put? Let’s break it down.
Why Should You Shop for New Insurance?
Here’s the deal — insurance companies don’t always reward loyalty with the best rates. That’s not to say you should constantly jump ship, but shopping around gives you a chance to:
- Find lower premiums. Rates fluctuate often. What was the best deal a year ago may no longer be as competitive.
- Unlock new discounts. You may qualify for savings you weren’t eligible for before, like a good driving record or a home security system.
- Adjust to life changes. Got married? Bought a home? Had a baby? Major life changes usually mean your insurance needs have changed, too.
- Review your coverage. As your life evolves, your insurance should, too. You might need more coverage or realize you’re over-insured.
The bottom line is this: Think of insurance shopping as a tune-up for your financial safety net.
How Often Should You Shop for Insurance?
There’s no hard and fast rule about how often you should re-evaluate your insurance options. Here are four times that it makes sense, though, whether it’s out of routine or due to a specific event.
After Major Life Events
Big changes often mean big insurance shifts. If any of these apply to you, it’s probably time to re-evaluate:
- You moved
- You bought or sold a vehicle
- You got married or divorced
- You had a baby or added a driver to your policy
- You bought a home or valuable possessions
- You retired or changed jobs
These life incidents can open new options and affect your risk profile, which in turn can change your rates.
When Your Policy is Set to Renew (Especially with a Rate Hike)
Rate increased out of nowhere? That’s a great time to compare quotes. Even a 10% jump can add up over the course of a year. There’s no harm in exploring what other insurance vendors offer.
When is it Better to Stick with Your Current Policy?
While shopping around for insurance occasionally is a smart practice, sometimes staying put can be your best move – especially in the following situations.
- You’ve recently filed a claim, which might impact your quote elsewhere.
- You’ve built loyalty perks with your current insurer (like accident forgiveness or vanishing deductibles).
- You have a rare or specialized policy that’s hard to replicate.
- You’re happy with the level of service and convenience you’re receiving.
The value of trusted service and hassle-free claims is often worth more than a few dollars in savings.
How Bundling Can Help You Save More
Looking to maximize savings without juggling a bunch of policies from different insurance vendors? Bundling could be the answer. Bundling means purchasing multiple insurance products, like home and auto, from the same provider. Here’s why it’s worth considering:
- Discounts. Insurers often offer significant discounts when you bundle.
- One bill. Streamline your payments by combining policies into one.
- Convenient service. Need to make a change or file a claim? Everything’s in one place.
Even if you’re happy with your coverage, bundling could provide you with a better overall deal — and simplify your life.
Final Thoughts: Insurance Isn’t “Set It and Forget It”
Your life changes. Your insurance policies should, too. Taking some time each year to review your policies could mean big savings — and better coverage when you need it most.
So don’t be afraid to shop around. The right coverage, the right price, and the right peace of mind might be just a few clicks away.
Let TwinStar Insurance Services Help You Compare and Save
If it’s been a while since you last reviewed your insurance, or you’re just not sure where to start, TwinStar Insurance Services is here to help.
We work with a wide range of trusted carriers to help you compare coverage options and find policies that match your life and budget. Whether you're looking to switch, bundle, or just get a better deal, we make the process straightforward. Explore your options at TwinStarCU.com.
Insurance products and services are offered through and underwritten by SELCO Group Inc., dba TwinStar Insurance, which provides insurance services for TwinStar Credit Union as an independent contractor. SELCO Group Inc. is a licensed insurance company domiciled in the State of Oregon. Business conducted with TwinStar Insurance is separate and distinct from any business conducted with TwinStar Credit Union. Products offered through TwinStar Insurance are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the TwinStar Credit Union, and may be subject to risk. Any insurance required as a condition of an extension of credit by TwinStar Credit Union may be purchased from an agent or insurance company of the member’s choice.