When Is The Best Time To Shop For Insurance?

There is no "best time of year" to buy car insurance. The best time to shop for car insurance depends on when your current policy expires or when you experience a major life event that changes your needs. To find the best rates you qualify for, enter your zip code below for a free auto insurance quote with A-MAX!

Shopping for Car Insurance at Renewal Time

Car insurance companies release policy renewals 30-60 days before your existing insurance policy expires. When you receive your renewal offer, it is best to shop around for new quotes to ensure you get the best auto insurance rate. Switching car insurance providers may not always make the most sense, but you should always look to see if you are getting the best deal. You can shop for new quotes through a licensed insurance agent or through an online rating website such as A-MAX Insurance. This is also an important time to speak to your incumbent car insurance company to ensure you are getting all of the discounts on your auto insurance that you qualify for. Insurance companies offer discounts for various things. These are some of the ones you may qualify for:

• Billing Discounts: If you are willing to pay your auto policy in full when you purchase it or allow the insurance company to directly debit your checking account or charge your credit card for your monthly premiums, there is usually a discount through your car insurance carrier.

• Bundling Discount: If you have a home or renters insurance policy with the same insurer through which you purchase your auto insurance, you will be eligible for a bundling discount, which can save you up to 20% on the cost of your insurance.

• Defensive Driving Discount: Consider taking a defensive driving course to reduce the cost of your insurance.

• Distant Student Credit: If you are a student and attend a school that is more than 100 miles away from your home and you do not have a car on campus, you can qualify for a distant student credit because you will not have access to a vehicle full-time.

• Good Student Credit: This is a discount awarded to drivers under 25 who are enrolled full-time in school and have a grade point average of 3.0 (B) or higher.

• Homeownership Discount: If you own a home, some car insurance carriers will give you a discount even if you do not insure your house with the same insurer that covers your car.

• Low-Mileage Discounts: If you don't commute every day or don't drive your car often, you may qualify for a low-mileage discount from your insurance company.

• Tracking Device Credit: Most auto insurance companies offer a discount if you sign up to use their mobile app or install a small device in your car that reads your driving activity and reports back to the insurer.

• Veteran Discount: If you are serving or have served in the U.S. military, your car insurer may offer you a discount for your service to your country.

Shopping for Car Insurance After a Life Event

Big life changes can quickly impact your car insurance rates and coverage needs. Whether you move, get married, buy a new car, or add a driver, insurers reassess your risk profile, so this is the perfect time to shop for car insurance and compare quotes.

Begin by reviewing your current policy. Make sure the coverage still fits your situation, then explore better options online or through an agent. A quick comparison can reveal lower premiums or better benefits.

Here are a few key life events that should trigger a policy review or the best time to shop for car insurance:

Moving to a new city or area
Buying or upgrading your vehicle
Getting married or divorced
Adding a teen or new driver
Changes in daily commute or mileage

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Other Changes that Impact the Cost of Car Insurance

Wondering what is the best time of year to buy car insurance? Well, there is no such defined tenure other than big life events like those mentioned above, other things that may warrant a look at your current auto coverage can also evolve in your life. Auto insurers use age, credit score, and driving history to determine your auto insurance rates.

If these things have improved for you, this is also a good time to ask your current auto insurance carrier to revise your policy or for you to shop for car insurance from other car insurance carriers. Here are a few factors to consider for determining the best time to shop for car insurance:

Age: Car insurance premiums are impacted when drivers reach certain ages. Rates typically drop when a driver turns 21 and then again when they turn 25 so if you are turning these ages before your auto insurance renewal, make sure you are getting the best rate from your car insurance provider or shop for a new policy.
Credit Score: In most states, the car insurance industry uses credit history as a rating tool. Suppose you know that your credit score has improved since you wrote your car insurance policy with your current insurance carrier. In that case, it pays to ask your carrier to run a new credit score so that your newly improved score can help reduce your insurance premiums.
Driving Record: Every auto insurance company uses the information from your driving record to determine your premiums. Accidents and moving violations stay on your driving record for 3-5 years. Your insurance premium may not automatically reflect it when an incident ages out of the underwriting period that your auto insurer uses, so it's important to ask your independent insurance agent or auto insurer to revise the cost of your policy before your renewal date to reflect your updated driving record.

Best Time to Shop for Car Insurance FAQs

Q. Is it cheaper to switch car insurance companies mid-policy?

Switching carriers mid-policy can be cheaper if you find a significantly lower premium elsewhere than your current one. However, always check for cancellation fees or unused premium refunds. You need to make sure that your new policy begins before canceling the old one to avoid a lapse in coverage and potential legal risks.

Q. How often should I compare car insurance quotes?

You should compare car insurance quotes at least once a year to ensure that you are getting the best deal. It is also smart to shop around after major life changes such as buying a car, moving, or adding a driver. It is because these can significantly affect your premium rate.

Q. Will getting multiple quotes affect my credit score?

Getting multiple car insurance quotes does not affect your credit score. The majority of insurers use a soft credit inquiry, which does not impact your rating.