12 Times It Pays to Shop for Car Insurance

By Lesley Green
Couple buying new car

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. That gives you plenty of time to compare quotes to see if another insurance provider will provide you with a better price.

Premiums often change, and even though your current provider gave you a great rate last year (or the last time you put their premium to the test), it doesn’t mean they’ll give you the best rate this year. It’s worth the few minutes it takes to quickly compare quotes because a new lower premium means more money in your wallet.

2. Turning 25

Often drivers don't realize that once they turn 25 years old, many see their auto insurance rates dip. It's a surprise birthday present waiting to be unwrapped for good drivers.

3. You're getting married

Depending on your spouse's driving history, you may find that the company that provided you with the best rate as a single driver may not be the same company that gives 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.

4. Saying ‘I don’t’

Breaking up is hard to do, but if your ex has a spotty driving record, a fresh start with a new insurer that offers the best rate for you, and only you and your driving record, may be a separation that helps you save.

5. Moving

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.

6. 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.

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7. 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.

8. Moving through the graduated licensing system

When your young driver ditches the probationary licence for an unrestricted driver's licence, you’ll likely ditch higher auto insurance rates. They’ve done their part and passed all the driving tests, and now it's time to put your insurer's rates to the test too.

9. 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.

10. Your driving record improves

Tickets and accidents will eventually clear off your driving record and when they do, look for a company that can offer you a premium that reflects your new flawless driving record.

11. 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.

12. 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. Make sure you’re not missing out on lower premiums and shop around for your coverage today.