What You Should Know

• It's important to review your insurance policies often to make sure you're not paying too much for coverage
• You can check out rates from other insurance companies by looking at quotes online
• Ask about certain insurance discounts you may be eligible for, such as a multi-policy discount

It may not be something you're very excited to do, but it's important to review your insurance policies and shop around for more affordable rates. Create a New Year's resolution for yourself to check on your insurance.

Most experts advise that policyholders review their insurance coverage once a year. And the new year is a perfect time to look over your policies and make any necessary changes.

Why should I review my insurance policies?

You need to review your insurance policies often to make sure you have the coverage you need.

If you have car insurance, life insurance, homeowners insurance, renters insurance, health insurance, or any other insurance plan, you need to know exactly how far your insurance extends and what each policy will cover.

Reviewing your insurance policies will help make sure you and your loved ones are covered, and it will allow you to assess and resolve any gaps you may have with your insurance coverage.

Another reason to go over your insurance policies annually is to see whether you can get the same coverage for a better rate with another company.

How can I review my insurance rates?

It's hard to know whether you're paying the right amount for your insurance. And no one is ever happy to find that they have been paying too much for their insurance coverage.

One of the best ways to know whether you're paying too much for insurance is to use online quote tools to compare rates from multiple companies at once. This will help you see whether what you're paying is cheap, average, or too expensive.

If you like the insurance you have, and you find that it's not much more expensive than other options, you can always stick with your policy and not go through the hassle of making any changes.

But you may find that it's worth it to pursue insurance coverage with a different company that offers more competitive rates with coverage similar to what you already have — or even better.

What can I do to get cheaper insurance in the new year?

Different insurance companies — and different types of insurance plans — take various factors into account when creating insurance rates for policyholders. But your credit history will likely impact virtually every type of insurance you purchase.

If you have a good credit score, another way to save on insurance rates is to look at regional insurance providers. You may only be familiar with the big names in the insurance business, but smaller insurance companies can often be quite competitive with their rates.

You can also ask about different discounts you may qualify for. Certain options, such as a multi-policy or policy bundle discount, allow you to lower your insurance rates when you purchase more than one insurance policy with the same company.

And you should continue to shop around and compare coverage options and insurance rates from multiple companies before making any final decisions. If you do this at the start of every new year, you'll have peace of mind knowing you're not spending too much on insurance.

You can use our free quote tool below to find and compare all your insurance types to get the most affordable deal on coverage.