Your Insurance Renewal Date Isn’t the Only Time to Look for Savings
A lot of drivers believe that the only way they can lower their car insurance rates is to try and shop their policy around as renewal time approaches. Not true!
There are many opportunities beyond renewal time when you might be able to realize some savings by either updating your current broker about changes to your driving situation, or possibly shop around. The brokers and CSRs at DPM Insurance Group are always prepared to answer any questions you may have on your current policy through one of our offices. And they’re equally prepared to review your current policy with someone else, and provide a competitive quote.
The key to mid policy savings is knowing when they may be available, but it’s not a big secret. They’re almost always tied to major life changes. Here are some prime examples of when it’s a good time to check if you can lower your rates.
Your 25th Birthday: Everyone enjoy a surprise birthday present, and one of the best for younger drivers is on their 25th birthday, when their car insurance premiums often drop. Once you’ve passed the quarter century mark, check with your broker to see if you qualify. Other factors come into consideration, like tickets or at fault accidents, but with a clean driving record, you will quite often find you’ll pay a little less.
You bought a new car: Whether it’s brand new, or just new to you, replacing your vehicle is the right time to check that you’re getting the best rate possible. Safety features, repair costs and even how often your model of vehicle gets stolen are all factors in determining your rates. So, when you replace your vehicle, make sure you’re not missing out on any savings.
Getting Your G Rating: If you (or a young driver in your household) moves from being a G2 licensed driver to a full G licensed driver, chances are your rates are going to drop. Don’t wait for your renewal date, check with your broker right away.
Getting Married: If you get married or move in with your partner, it’s worth taking the time to make a call to your broker and see if your change in relationship status translates into insurance savings too. Spousal driving records can have an effect on each other’s rates, and the best deal when you were single might improve once you get hitched.
Getting Divorced: Regardless if your newly single status is a welcome or unexpected change, if your ex had a sketchy driving record, chances are your rates will improve now that you’re single. Check with your broker to be sure.
Old Tickets: As well as the fines that can come with traffic tickets, sometimes your car insurance rates will increase too. Most come off your record after three years though, and that can mean a drop in your rates as well. It never hurts to check and be sure.
Accidents too: Just like traffic tickets, the at-fault collision claim which resulted in a rate increase have a shelf life too. These incidents remain on your driving record for six years, but once that timeline has passed, chances are you will be eligible to have your rates lowered if there’s been no other incidents since then.
Moving to a new town: As well as your driving record and claims history, where you live – among other factors – is part of the equation that determines your car insurance rates. If you move to a place with far less traffic, fewer car thefts and the like, you may qualify for a lower car insurance rate.
Your teen starts driving: It’s not news to anyone that teens (and their parents) pay more for car insurance. But some companies are more teen friendly than others. The rates you received without a teen driver in the house may have been great, but that doesn’t mean the same company will offer the best rate with a teen driver having access to your vehicle. It never hurts to check with your broker to be sure.
You no longer commute to work: Whether it’s because you have changed jobs, work from home or have retired, if your daily commute changes significantly your insurance rates might change too. If you spend a lot less time behind the wheel getting to and from your job, take the time to check with your broker. It could save you money.
Here at DPM Insurance Group, our Brokers and CSRs are always prepared to take the time to review your current policy and determine if significant lifestyle changes for you can translate into saving on your insurance. Click here to contact one of our six offices across Windsor-Essex and Chatham-Kent to see what DPM can do for you: https://dpmins.com/locations/
Source: Lesley Green for insurancehotline.com