People often think about their auto insurance just once a year. But, if you’re not checking in on your rates more regularly, you may not be getting the best car insurance rate available.
Make it a habit, a good habit, to shop around and compare rates when:
1. It’s time to renew
When your insurance nears its expiry date your insurer will send you a renewal reminder, usually about six weeks ahead of time. This gives you plenty of time to compare quotes to see if another insurance provider will give you a better price. Rates often change, and even though your current provider gave you a great rate last year, doesn’t mean they’ll give you the best rate this year. It’s worth the few minutes it takes, because a lower premium means more money in your wallet. Who would not be happy about that?
2. You’re getting married
Depending on your spouse’s driving history, you may find that the company that provided you the best rate as a single driver may not be the same company that provides you the best rate as a couple. After you’ve said “I do” to each other it may be time to say “I do” to a new car insurance provider too.
Where you live factors into what you pay, and chances are your premiums will change when you move. However, your insurer may no longer offer you the best rate in your new neighbourhood. Make sure you’re getting the best deal at your new address, and compare rates once you’re settled in.
4. Buying a new car
New or used, what you park in your driveway is one of the factors in calculating your car insurance rate. Cars that are more likely to be stolen, for example, may come with a heftier insurance bill. So when shopping for a new car, keep in mind to shop for insurance to find a premium that’s as nice as your new set of wheels.
5. Adding teenage drivers to your policy
New drivers usually pay higher insurance than experienced drivers, but some insurers are more teen-friendly than others. If you have a new driver in your household it’s worth checking to see if another insurer will give you a better rate.
- Related Read: Teaching Teens to Drive in All Weather Conditions
- Related Read: How much does a driver’s training course actually save on car insurance?
6. You’ve received a ticket or have been in an at fault accident
Accidents happen to even the best drivers. If you are in an at fault accident or get a ticket, you might see a rate increase at renewal time. Shop around to see what other insurance companies can offer you. Despite not having a flawless record, some insurance companies are more forgiving than others.
7. Your driving record improves
Following the rules usually comes with rewards, like lower premiums! Tickets and accidents will eventually clear off your driving record and your insurance could reduce. It is a good time to look around for a company that can offer you a premium that reflects your new flawless driving record.
8. You see that rates have changed
Rates often fluctuate, but they do not typically increase, or decrease, uniformly across all insurance providers. That’s why it’s important to compare rates regularly. Don’t wait until it’s time to renew to see if you could be saving money now.
9. You change jobs or retire
When your daily commute changes, your insurance could change as well. Shop around for a new cheaper premium or talk to your current insurance provider to see how it can be reduced.
There are many times over the year when it pays to shop around. With InsuranceHotline.com it takes just a few short minutes to compare quotes from our network of over 30 insurance providers. On average, our customers save $700 after shopping their car insurance rates. Make sure you’re not missing out and shop around for your coverage today.
Article updated annually to ensure accuracy.