When you buy car insurance, you probably want the best rate. Even though your rate stays the same for six months or a year, what insurance companies would offer you if you bought a new policy is always changing. Here are the best times to shop for car insurance.
Not Necessarily When Your Policy Is Up for Renewal
When you get the bill to renew your auto insurance policy has nothing to do with when you can get the best price. It isn't a good or bad time to shop around. It's just an arbitrary date based on when you originally bought car insurance that causes you to want to shop around before you write another big check.
What most people don't realize is you can shop for car insurance at any time and get a refund for what's left on your old policy. If you can find a better rate, it pays to switch immediately.
When You Buy a New Car
You have to notify your insurance company when you buy a new car, and there are usually different rates for different cars. However, each insurance company might price different models of cars or different ages of cars differently. Don't assume your old insurance company will still be the cheapest even if you recently shopped around.
After Your Birthday
You probably know that younger drivers usually pay more for car insurance. What few people know is that not all insurance companies use the same age ranges or have the same level of price differences. If everything else is equal, Company A might be cheapest for a 24-year-old, while Company B might be cheapest for a 25-year-old. Insurance companies don't publish these price differences, so you have to get a quote to find out.
When Your Credit Score Improves
Car insurance companies think people with higher credit scores are more likely to pay on time and less likely to file a claim that costs the insurance company money. If you've been working on building your credit and your credit score has gone up, you can see a big drop in your rates by shopping for a new quote.
When Your Job Changes
Many insurance companies have preferred employers they offer discounts to. They may also consider some jobs more dangerous than others. If you've changed companies or job titles, you may be able to get a better price somewhere else.
To learn more, contact a local car insurance company today.