subject: Reviewing Your Los Angeles Insurance Policy [print this page] If you pay your auto insurance on time religiously and have been loyal to your existing insurance company for years, it may be time for auto insurance review. While a number of leading insurers in the Los Angeles area offer insurance renewal reviews and checkups, only a small number of policyholders elect to dedicate their time to reviewing their policy on an annual basis. With changes in your life, several rating factors in your Los Angeles insurance policy may be inaccurate, causing you to pay higher premiums. By failing to review your policy for inaccuracies, you are missing the chance to save money. Review some of the common rating factors that are not updated to see if you qualify for lower premiums.
Garaging Territory
If you have moved to a new address, chances are your premiums will change even if you are located within the same county. While some companies are very detailed when making changes, others fail to update both your mailing address and the physical location of your vehicle. It is important to review the rating territory of your vehicle to ensure you are being rated at the right zip code. If claims statistics are lower in a specific zip code, and you are being rated inaccurately, you could lower your premiums by making the right corrections.
Annual Mileage
Another rating factor that is found to be inaccurate quite often in Los Angeles insurance renewals is annual mileage. During the course of a year, several scenarios could occur causing you to drive more or less than before. While most insurance companies prefer to rate their drivers based on the average annual mileage in the state, if you do not commute to work, or you are retired, you may drive far less than the average Californian. It is important to review the mileage-rating band you are being charged for to ensure you are receiving the proper rate.
Safety Features
Most of the time, a vehicle identification number will tell the insurance company what safety features are standard in the vehicle. If you have a passive or locking alarm, it is important to report this to your company for a discount. Passive alarms simply sound when an intruder is attempting to steal your vehicle. Locking alarms will offer a larger discount as they will disable the vehicle from being started.
These are just a few of the rating factors you should review at the time of your renewal. By taking a proactive step to ensure your policy is accurate, you can lower your policy premiums and pay less out of pocket each month. If you still feel like your premiums are too high obtain apples to apples quotes and determine whether you should make the switch to another company or not.
by: Barbara Jackson
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