Why Your Renewal Date Isn’t the Only Time to Shop Around for Car Insurance

Two men hold shopping bags

The road to lower car insurance rates for many drivers starts and stops when it’s time to renew. However, there are many times outside of this limited period where you can pay less for your coverage by shopping around for a better rate. The secret lies in knowing when mid-policy savings may be available. The good news is these opportunities are not fleeting or obscure; in fact, they’re often milestones that are hard to miss.

Quick Car Insurance Quote

Find your best car insurance rate by comparing car insurance quotes from 30+ providers in a single search. Start saving today!

10 times it pays to shop around for lower car insurance rates

Every insurance provider calculates their rates differently; therefore, you may find you can get a better deal on your coverage by switching. Cheap auto insurance rates are no accident, and it’s time to shop around when any of the following things happen to you or your family.

1. Pass your road test

When you ditch the probationary licence for a full unrestricted driver’s licence, you’ll be able to ditch your higher auto insurance rate, too. You’ve done your part and passed all the driving tests, and now it’s time to put your premium to the test, too!

2. Happy birthday! You’re 25+

Often, drivers don’t realize that once they turn 25 years old, many see their auto insurance rates dip. For good drivers, this is a surprise birthday present waiting to be unwrapped.

3. Get a new set of wheels

Repairs, auto theft rates, and safety features all affect how much it costs to insure your vehicle. But insurance companies are kind of like snowflakes as no two are alike, and none calculate their rates in the exact same way. If you’re driving around town in a new (or new-to-you car), it may be time to drive down your premium with a new insurance provider.

4. Tying the knot

It may be time to sever ties with your insurance provider when you marry your partner or move in together. If you’re listed on the same policy, your spouse’s driving record now affects your rate too, which means the insurance provider that offered you the best rate when you were single or living apart may no longer offer you the best rate now that you’re partnered or living together.

5. Divorce

Breaking up is hard to do, but if your ex has a spotty driving record, a fresh start with a new insurance provider may be a separation that helps you save.

6. A new place to call your own

Your driving record, insurance history, vehicle type, and commute, all play a role in the premium you pay, but so does where you live. As a result, when you move homes, it may be time to move insurance providers, too.

7. Relive your teenage years

It’s no secret that teen drivers typically pay more for insurance than experienced, older drivers. Some insurance companies, however, are more teen-friendly than others. If you have a new driver in your household, it’s worth seeing if another insurance provider will give you a better rate. You’ve got nothing to lose and only money to save when you shop around for coverage with teen drivers in the house.

8. Ticket troubles

Traffic tickets can be costly in more ways than one. If convicted of an offence, you’ll see it stay on your driving record for up to three years. Once your tickets are cleared, savings are possible with your new clean driving record and a new insurance provider.

9. Even cautious drivers can have a collision

Like traffic tickets, at-fault collisions can crash down hard on the cost of your premium. Collisions stay on your record for at least six years. However, after six years of accident-free driving, getting a lower rate is possible.

10. What commute?

When your daily commute changes, whether it’s because of the pandemic, retirement, a switch in employment, or because you simply changed how you get to work (e.g., public transit), your insurance could change as well. By spending less time behind the wheel, you may find you could spend less on your coverage with a different insurance provider.

Shop around for lower auto insurance rates

Why wait for a lower premium to make its way to you? Find your cheapest car insurance quote by comparing quotes from 30+ providers in a single search at InsuranceHotline.com.