Life's Milestones and Your Car Insurance: What to Expect

Believe it or not, life changes can have a significant impact on your car insurance. Understanding how major life events can affect your car insurance is key to protecting yourself and your assets. Here is a rundown of some of those life milestones.

Tying the knot: marriage and car insurance

Getting married might prompt you to reassess your car insurance coverage needs. The car insurance you needed as a single may differ to what might suit you best when it comes to car insurance for couples. You and your spouse may have different driving habits or vehicle ownership situations. It’s also worth noting insurance companies may offer discounts for multi-car insurance policies. This may help you and your partner save.

The joy of parenthood: car Insurance after a baby and as a family

The arrival of a baby often prompts parents to consider safer vehicles or additional insurance coverage. Comprehensive car insurance policies often include cover for your personal items like baby seats. In the future you’ll also be thinking about how your child may figure into your insurance. For example, when your child becomes a teenager and starts driving this can impact your car insurance premium. You could benefit from reviewing quotes and comparing car insurance products when you’re ready to include your young driver on your policy. This will help you anticipate any premium changes going forward.

Climbing the career ladder: new job or retirement and car insurance

Changes in your career may impact your car insurance needs. For example, when you get a new job, your daily commute might change. If you're used to working from home and then move to a new job that requires an 80-kilometre daily commute, this can significantly increase your time on the road. The other side of the coin might apply to retirees. If you retire and no longer drive to work, your time behind the wheel may decrease. If your driving habits change this drastically, it might be a good time to review your car insurance and make sure what you have is still a fit.

Relocating: moving interstate or overseas and car insurance

An interstate move to Queensland, or a move from abroad, can affect your car insurance rates. There are many factors that come into play when moving. For example, if relocating to an urban area, you might experience an increase in premiums due to increased traffic and higher risk of accidents. Meanwhile, a move abroad may require you to sell your vehicles, end your coverage, or transition to a new policy in your new location. Keep in mind that some insurers don’t offer insurance in every state so you will need to research this beforehand.  

Buying a new home: homeownership and car insurance

Owning a home can present opportunities to bundle your home and car insurance policies, potentially saving you money. Purchasing two or more policies from the same insurer may make you eligible for a multi-policy discount. Additionally, the location of your new home and whether you have a garage, carport or street parking can play a role in the insurance premium that you pay.

Lifestyle changes: car insurance with new hobbies or health concerns

Here’s an example of how important it is to think about your lifestyle as a whole when it comes to car insurance. Let’s say you’ve started to go camping more frequently and now you have gear that you regularly haul around. You might prefer to have the highest level of cover that will also protect these personal items in the event of an accident. Likewise, if your circumstances change and you drive less, you might think about whether a comprehensive car insurance policy still makes sense for your needs.

As life evolves, so do your insurance needs. Throughout your life you may experience both the expected and unexpected. It’s important to regularly reassess your car insurance coverage in light of major life changes and communicate proactively with your insurance provider to ensure you’re getting the most suitable coverage for your lifestyle.