How Often Should I Check For Better Insurance Rates?
For many people, once they have their auto and home insurance policy, they will just let their current policy renew every year without checking to see if they can get a better deal somewhere else.
Does that sound like you? It may be time you would look into exploring your options. It’s a really a simple process.
Your auto policy usually renews every 6 months while your home insurance renews yearly. Even if you are in the middle of your policy year – now is an excellent time to check your rates to see how much you can save. Generally, you will be reimbursed for any money you have paid into an insurance policy that you cancel. But check with your company for all the details.
HomeMembership is an insurance broker. That means we shop all the top insurance companies to find you the best price and coverage.
You may be asking yourself: “Should I Check For Better Insurance Rates?” Here are a few reasons you should consider getting a new quote on your policy. We all could use some extra cash in our budget every month!
Car insurance companies often change their rates.
Car insurance companies may change their rates often, so by shopping for new rates at least once every year, helps to make sure you are getting the best deal. This could save you hundreds of dollars every year.
Have you had a major life event?
Some factors that can affect your rates are if you are recently married, selling your home, adding a teen to your policy, or getting a new job.
Usually, if you are married – your rates are lower. But if you are adding a new driver to your policy – this can significantly increase your rates.
Did you recently have a birthday? As you become a more experienced driver and are in your mid-twenties, your insurance premiums usually decrease every year until you turn 60 based on your driving record.
Do you have a new job? Your rates could be based on your commute – so if you are working closer to home – this could also lower your rates.
Have you checked your credit score lately?
Your credit score is very important when buying a new home or car, but did you know that insurance companies could also use your credit score to calculate your rates?
The longer you have been insured – the better rates you will get
Car insurance is often most expensive for first-time drivers or those with a gap in their coverage history. This places drivers in a “high risk” category because they know very little about you.
When you don’t have much of a credit or driving history, the insurance companies have no information about whether you make timely payments or how many insurance claims you make, so they are prepared for the worst, and charge you more for it.
Once you have been insured for six months or more, you are considered a lower risk, and you can become eligible for continuous coverage and loyalty discounts.
A “new” customer can get better car insurance rates.
This is different than being a new driver – this means you are “new” to an insurance company.
As a way to get customers to give their company a try, they offer cheaper rates to attract drivers shopping for new policies. Comparative research every six months to a year could end up saving you hundreds of dollars per year.
Bundle and Save!
You hear this all the time on commercials, and it’s true! When you combine your home and auto policy – insurance companies add additional savings. Plus it’s much easier to have all your insurance needs in one place!
Are you ready to get a new quote? Let us find the best coverage and rates for your family.
For a limited time, anyone who receives a home and auto insurance quote from HomeMembership gets a FREE HVAC system check and analysis. (Please note we can only serve customers in Kentucky, Ohio, Tennessee, and Indiana.)
First, we shop all the top insurance companies to find you the best price and coverage, then upon your request, one of our veteran HVAC technicians will perform an HVAC check for you.
You do not have to buy the insurance to get the free system check.