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When Should I Shop Around For Insurance?

January 4, 2012

Shopping around for insurance is one of the best ways to ensure that you’re paying the best rate based on your circumstances. It gives you the ability to compare the rate offered by your current insurance provider with other providers – to properly assess your rate. There are many instances where you should take advantage of the opportunity to shop your insurance rate – whether it is your home or car insurance rate.

Upon your insurance renewal

When your home or auto insurance is coming up for renewal, it is a great time to start shopping around for a better rate. Typically, your current insurance company will provide you with a renewal in advance of your current insurance policy expiring. The renewal will contain a new insurance rate that you will have to pay in order to stay with your current provider – this is a perfect time to start shopping for insurance. The new rate will give you a basis for comparison when shopping around.

Purchasing a car or home

Buying a home or a car are both very expensive purchases. It’s crucial to save money any way possible – which is why shopping for insurance rates will help you pay as low a rate as possible. In some cases, insurance rates may even affect your purchase – especially when buying a new car, so it’s wise to check the potential insurance costs prior to making a big purchase!

Looking for savings

Anytime you’re looking for more savings, you should definitely investigate opportunities to save on car and home insurance. Just by shopping your insurance rate, you could save hundreds (even thousands) of dollars. You could be overpaying currently for insurance, as each insurance company charges different rates that are based on their own claims experiences. Get a FREE insurance quote and in just three easy steps, you could be saving!

Consolidating home and auto insurance

Many insurance companies offer discounts on insurance rates when consolidating home and auto insurance policies. Auto insurance is typically more expensive than home insurance – it’s best to start off by shopping your car insurance rate. Once you find the insurance provider with the best car insurance rate, obtain a home insurance quote with that provider. When you receive both quotes, compare the total with what you’re currently paying.

Ticket or accident coming off your driving record

If an accident is wiped off your driving record, it’s the perfect time to shop your insurance rate. Tickets are kept on your driving record for three years and accident for six years. When the time has passed and the tickets or accidents are cleared, be sure to shop your rate – you’ll likely notice decreases on your insurance rates; as you’re no longer in a high-risk category.