These 3 Life Milestones Can Impact your Insurance Premiums in 2023 – Here’s What to Know

Here are 3 life milestones that can impact your insurance needs and premiums in 2023
 

Milestone #1: Going to College

Right now millions of high school seniors are entering their last semester of high school, with some having their eyes set on going to college this fall. However, amongst all the ACT/SAT test taking and putting a deposit down for their dorm room, most students and parents aren’t thinking about how this transition will impact their insurance needs. For example, many universities require health insurance and specific immunizations, some students will need additional car insurance if they’re keeping a car on campus, plus renters or dorm insurance, etc.

Milestone #2: Getting engaged/ married

We’re in the back half of the engagement season and wedding season is just around the corner. But before you tie the knot, know that this major life event can impact your insurance needs. Have an expensive engagement or wedding ring? It’s worth checking to see if it’s covered under your homeowners or renters insurance policy. Other events such as deciding to move in together, combining finances and purchasing a car together can have an impact on the coverage that you’re eligible for. 

Milestone #3: Having children and life insurance

Did you know the earlier you take out a life insurance policy, the cheaper it will be? This applies to policies that parents get for their kids once they are born and policies that those in their early to mid 20s get for themselves. With some policies on children, you can actually finish paying the premium by the time the child is an adult, leaving them with an effective policy and without worry of how they’ll pay for coverage.

No matter what milestone you’re going to experience in 2023, it’s time to make a call to your insurance company to check in about the status of your insurance needs, to avoid any potential financial surprises this year. 

Founded in 2016 by Christophe Bourguignat and Damien Philippon, Zelros is using Artificial Intelligence and Machine Learning technology to help insurers provide policyholders with the right coverage for their needs in real-time with personalized policy recommendations.