When to Shop Around for Insurance

March 17, 2015

Shopping around for insurance is one of the best ways to ensure that you’re getting the best rate possible. It gives you the ability to compare the rate offered by your current insurance provider with rates offered by other providers, letting you know if you’re still getting the best rate. Insurance rates change often and if you’re not comparing rates, chances are you’re overpaying for your coverage.

It’s never a bad idea to shop around and there are plenty of times to do it.  From renewal time to life’s big changes, there’s always an opportunity to save on your home or car insurance.

Here are seven times to shop and save.

Renewal time

When your home or auto insurance is coming up for renewal, it’s time to start shopping around for a better rate. Typically, your insurance company will provide you with a renewal in advance of your current insurance policy expiring. The renewal will contain a new insurance rate that you will have to pay in order to stay with your current provider – this is a perfect time to start shopping for insurance. The new rate will give you a basis for comparison when shopping around.

Your rates have gone up

Insurers change their rates often, which can trickle down to higher premiums. Just because your insurer has raised their car insurance or home insurance rates doesn’t mean that other insurers have too. If your rates have gone up, comparing rates could get you back down to where you were, or end up saving you even more money.

Purchase of a new car

Buying a new car is the perfect time to shop for insurance. In fact, in some cases, insurance rates may even affect your purchase. Insurance varies by vehicle depending on its risk factor, including how likely it is to get stolen and which security and alarm systems come installed in the vehicle. It’s wise to check the potential insurance costs prior to signing any documents. The below guide goes into more detail about how the make of your vehicle can affect your premiums.

Buying a home

Buying a home can put a significant strain on your budget, making it that much more important to save money. Luckily, there are plenty of opportunities to save. Bundling your home insurance with your auto insurance policy can save you up 15 per cent off your premiums, as many insurers offer discounts to customers who hold multiple policies.

Also, don’t forget to shop around for your mortgage as well. It can save you thousands of dollars.

You want to save

Anytime you’re looking for more savings, you should definitely investigate opportunities to save on car and home insurance. Just by shopping your insurance rate, you could save hundreds (even thousands) of dollars. Currently, you could be overpaying for insurance, as each insurance company charges different rates that are based on their own claims experiences. Get FREE insurance quotes and in just three easy steps, you could be saving!

Your driving record is cleared of tickets or at-fault accidents

If an accident is wiped off your driving record, it’s the perfect time to shop your insurance rate. Tickets are kept on your driving record for three years and accident for six years. As time passes, and tickets and accidents are cleared from your record, there is an opportunity for you to find a better rate. As you are no longer in a higher-risk category, insurance providers may be able to offer you a better rate.

On the contrary, you’re involved in an at-fault accident or you got a ticket

Any blemishes to your driving record can cause your premiums to go up, but they also give you an opportunity to shop around. Many insurers are more forgiving of a first accident or ticket and may offer you a better rate than your current provider. If you’re involved in an at-fault accident or you get a ticket, take the time to quickly compare rates. It only takes a couple minutes and it could save you a lot of money.

Ready to save?

Compare auto insurance and home insurance rates today to see if you could be getting a better deal.