It is that time of year again–open enrollment season, which runs through December 15 in 2020. The fourth quarter of the year is the time when people are making decisions for the next year, in this case, 2021. In households across the country, people are spending the open enrollment period evaluating medical insurance options, the pros and cons of an HSA or FSA account, and making decisions about what next year will look like. You might even find yourself Googling things like, “Do I need life insurance if I’m 30?” or “What exactly is short-term disability insurance?”

When most people hear of open enrollment, they think of health insurance. But, this “season of planning” can also be a great time to shop for car insurance. Sure, you can get car insurance any time of the year, but completing similar tasks on a yearly basis truly lets you set it and forget it without having a looming to-do list item–and we all know how good that feels!

So let’s talk about the advantages to thinking about health insurance and auto insurance at the same time since the coverage can overlap in ways you might not expect, like MedPay & PIP coverages.

When to shop for car insurance – and a few things to consider when you do

Outside of open enrollment, there are a few life events that necessitate checking in with your insurance provider. If you get a new vehicle, move, get married, or experience another life event that may change your policy, we always recommend checking in and updating your policy.

Some of these life events could even save you money! For example, if you have recently enrolled in school, you might be eligible for a student discount. Discounts are also available for safe driving, getting your quote online, and working from home. Yep, you read that correctly–if you’re no longer commuting, you might be eligible for a discount from us, simply for driving less.

MedPay & PIP coverages

One consideration you might want to make when shopping for insurance–especially if you’re on a high deductible health plan–is MedPay & PIP coverages.

MedPay (short for medical payments) pays the cost of necessary medical care resulting from injuries you and your passengers receive as a result of an auto accident and applies regardless of who caused the accident. Coverage is also provided to the insured and resident relatives, while they are riding in someone else’s car at the time of the accident or if they are struck as a pedestrian. You may not need MedPay coverage if you and your passengers are fully covered by health insurance, but this coverage can also pay for items that may not be covered by your health plan, such as dental treatment, professional nursing services, and prostheses.

PIP (or Personal Injury Protection) generally covers everything that Medical Payments covers, plus it reimburses you for lost wages. It can also cover non-medical expenses related to your accident, like income loss or childcare expenses.

Life insurance

Another thing to consider alongside car insurance during open enrollment season is life insurance. Elephant offers life insurance policies that can help provide your dependents with financial stability if something were to happen to you. Auto insurance customers receive a discount for bundling a life insurance policy, making it even more affordable to buy through Elephant. The Elephant website is a great resource for information on life insurance, from term life insurance basics to determining your coverage amount and what to consider when shopping.

Looking for more information beyond life insurance? Information on other Elephant products is available on the website too, from homeowners and renters insurance to motorcycle and umbrella insurance. No matter your situation and needs, our goal is to have you covered.

How to shop for insurance or evaluate your current coverage

If this post has inspired you to shop for insurance or evaluate your current insurance coverage, Elephant is here to connect and help you determine what policy (or policies) would best suit your needs.

If you’re a new customer, we make shopping for insurance easy. Start your quote online with us, with agents standing by to chat about any questions you might have. And for current customers, visit your online account to make sure your policy is working for you and your needs.

Here’s to checking things off the list during open enrollment season!

Article last updated on July 11th, 2024 at 4:18 pm