What Do I Need To Know About Insurance When I Change Jobs?

What Do I Need To Know About Insurance When I Change Jobs

Changing jobs can be a difficult transition. Maybe the job change came willingly; maybe you were looking for a new career path or a position that was a step up from where you were. Or maybe the job change was more forceful, resulting from being laid off from a previous position. No matter the reason for the change it is important to contact your local independent insurance agent and ask, what do I need to know about insurance when I change jobs?

With your auto insurance policy, you want to discuss how much you will drive at your new job compared to your old job. If your new job is closer to our home and involves less driving, then you may enjoy some premium drops, but if your new job is much further away, causing you to increase your mileage, then your premiums may go up. You might consider usage based insurance.

Maybe your new position allows you to leave your vehicle at home, walking, or taking the public transit offerings to and from work each day. This could save you a good chunk of change from your auto insurance premiums. If your job requires you to drive our own vehicle for work then you may want to see if there is auto insurance available through your new job. No matter the reason, it is important you talk to your insurance agent about your auto insurance policy when changing jobs.

A new job also means a possibility of a new health insurance policy. If you are at a new job then you are likely going to be offered a new health insurance option. You will want to see what your new job offers and compare it to the policies offered by your local independent insurance agent. You will want to compare deductibles, co-pays, and whether or not your family’s existing physicians will be included with a new plan.

If your existing job as a health spending account you may want to consider utilizing the account. The flexible spending accounts set aside a portion of your paycheck for qualified medical expenses, but if you do not use the money in this account before you leave for your new gig you will lose it. This is a perfect opportunity for you to have that physical you have being putting off, or maybe get a new pair of glasses or contacts with your eye insurance allowance. It is important to utilize this account before leaving for a new position.

If there is going to be any gap in coverage between one job to the next with your health insurance plan you will want to ask your independent insurance agent about gap coverage, or extending your current coverage for up to 18 months. This will ensure you have the coverage you need until your new coverage will kick in.

Homeowners’ insurance may not change considerable with a new job, but it may. If your new job means working form home and you are provided with office equipment, then the company probably will have insurance to cover these items, but if you are self-employed and use your home as a business space then your homeowners’ insurance policy will not cover any business activities or equipment. If your new position is in your home, then you will want to contact your local independent homeowners’ insurance agent about getting the proper coverage for your new home business.

All forms of insurance can be affected by a new job, and it is important to report a new position to your local independent insurance agent so that they can help you adjust your polices as needed.

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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.

While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.

Jim operates an insurance agent network called Insurance Partners, aggregating agents in the Midwest for over 25 years. He was National Agent of the Year for Metropolitan in 1993 and Midwest Agent of the Year for Travelers in 2011. He served as a founding board member of the Surplus Lines Association of Minnesota.

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