Which lifestyle changes can impact my auto insurance policy?

Some changes in life are inevitable, and they certainly won’t stop once you buy auto insurance. Getting married, moving into a new house, getting divorced, buying your dream car, relocating to Hershey, PA, or even getting involved in an accident, so much can change between the time of your auto insurance policy purchase and the date of renewal.

Why lifestyle changes?

While some of these lifestyle changes are only worth mentioning to your family and friends, it is vital to report significant lifestyle changes to your insurance provider to avoid huge penalties. Most lifestyle changes are likely to change your insurance premiums by either lowering or raising them. Different insurance companies, including Options Insurance Agency, have different ways of determining what a policyholder should pay. 

It is not a one-size-fits-all

Auto insurance is a requirement by law. That means that the government has regulated the rates to fit the budget of any average American. However, that does not mean that the price is the same for all of us. You may not know this, but your insurance premiums are highly affected by very many factors. Some of these factors are direct, while others are not. Some can also be controlled while others cannot. 

So, which of these lifestyle factors should you report to your auto insurance provider immediately after they happen? 

  • When you move out of your primary home and change your address
  • When you change how you use the vehicle, like turning it from a personal car to a commercial vehicle for a business like Uber
  • When multiple people have to drive the vehicle
  • When you hire or change the driver of the insured vehicle
  • When you need to remove or add vehicles in your policy
  • When transferring your title or selling the car
  • When your driver gets a license suspension

While there are no set regulations on what you should notify your insurer, knowing what to report and what not to, is a significant step in keeping your policy updated. To learn more about auto insurance, visit us Options Insurance Agency in Hershey, PA today!