You know it’s important to maintain adequate car insurance, but the fact that it’s an essential expense may lead to complacency. Many drivers simply shop around once when they move or buy a new car and never bother getting a new insurance quote because they assume they’re getting the best deal and are being rewarded for their loyalty. One study even found that 25 percent of drivers have been with the same insurer for over 16 years, and 36 percent never get updated car insurance quotes. When it comes to car insurance, you can’t assume you’re getting the best price. Here are seven reasons it pays to get a new quote for auto insurance.
1. Insurance Companies Change Rates Frequently
Auto insurance companies change their rates often and for many reasons. For example, insurers use data on risk factors from previous years that dictate deductions and rate hikes.
2. Tickets and Moving Violations May Have Fallen Off Your Record
Even a minor moving violation or traffic ticket can significantly increase car insurance rates. When a ticket drops off your record, it’s a good idea to shop around for a new car insurance rate.
3. You May Have Had a Major Life Event
It’s always a good idea to reevaluate all your policies—including homeowners insurance, life insurance, and auto insurance—after a major life event. Getting married, moving, landing a new job, or adding a teenager to your policy can all affect the rate you pay.
In addition to auto insurance, when opting for affordable homeowners insurance, San Diego home owners can turn to Altra Insurance for more flexible options.
4. New Customers Sometimes Get Better Rates
It’s a common misconception that loyalty pays off when it comes to car insurance, but sticking with your provider for years doesn’t guarantee a lower rate. Many insurance companies provide lower rates to new customers to attract drivers shopping for a new car insurance policy.
5. Your Car Has Depreciated in Value
As your car gets older, it loses value. This depreciation is greatest during the first year of the car’s life, when its value can drop by an average of 40 percent. If you insured your car when it was newer, you shouldn’t be paying the same rate now for a car that has less value than it did when you bought your original policy.
6. It’s Easy
One thing that may hold you back from checking new insurance rates is the perceived time commitment. However, getting a new car insurance quote doesn’t take much time. In about 10 to 15 minutes, you can find out how much money you could be saving.
7. You Could Save Hundreds of Dollars
Shopping for a new car insurance policy doesn’t take much time, but it can yield huge savings. According to one study, drivers who switched car insurance providers saved an average of more than $350 per year.
For reliable, affordable auto insurance, San Diego drivers count on Altra Insurance Services. We can serve virtually all your insurance needs, including homeowners, renters, commercial, and motorcycle insurance. To receive a free quote, call one of our friendly agents today at (800) 719-9972.