20 Reasons to Get a New Auto Insurance Quote

Fran Majidi
July 20, 2018

There are numerous factors that can impact your auto insurance rate. The following are 20 life events or situations which are good reasons to obtain a new car insurance quote. In some cases, you may want to change your level of coverage, since your life circumstances may change the amount of coverage you need or want. It is recommended that you always get 3-4 quotes or work with a service that will provide you with several options to chose from.

1. Graduate from College.

Some insurance companies offer discounts to college graduates. Once you receive your degree, whether from a 2 or 4 year college or university, it is a good time to obtain some comparative insurance quotes to make sure you are paying the best rate for your auto insurance. In general, it is recommended that you obtain 3-4 comparable quotes to compare. Keep in mind that it is important to compare similar coverage levels.

2. Get Married or enter into a domestic partnership.

In most cases, married couples or couples in a domestic partnership will see their insurance rates decline when they go from two policies to one policy with multiple vehicles. If one of the couple has a “challenging” driving record or even bad credit, this may not be the case. You will want to compare rates together versus separate. In either case, you will need to add the other person onto your policy, as a driver, so that they are covered when they use either vehicle.

3. Change jobs.

Your occupation or job can impact the amount you pay for your auto insurance. Some high risk jobs or jobs which require you to use your personal vehicle will influence the amount you pay for your insurance. If you decide to start working for a ride-share service, you will need to notify your insurance company as it can impact your coverage and rate. Additionally, the distance you drive to work can influence the rate you pay for your auto insurance.

4. Move to another state.

If you move from one state to another, you will need to immediately contact your insurance company to obtain a new insurance policy, as auto insurance differs significantly from one state to another. In some cases, you may need to find another company to provide you with insurance, as not all companies operate in every state. Additionally, state minimum coverage may vary from one state to another.

5. Move within state.

Where you live can impact what you pay for auto insurance due to the distance you drive to work. Some companies charge different rates for insurance based on where you live, due to lower or higher risks associated with where you park your car overnight.

6. Pay off your car loan.

Some auto lenders require that you maintain a specific level of coverage on your car if you have a loan or note. Once you pay off your car and own it ‘free and clear,’ you will have more freedom to modify your coverage. Paying off your car note is a good time to compare coverage options and try to find the best coverage/premium for yourself and your family.

7. Take out a title loan on your car.

Your title loan lender may require that you have a minimum level of coverage on your car in order to give you a loan against your title. Even if they do not require it, you may want to evaluate your coverage to make sure you are protected should something happen to your car.

8. Have or adopt a child.

If your family dependents change, you should talk with your insurance agent to see how it impacts your auto insurance coverage. In some cases, your car insurance premium may change as a result of having or adopting a child.

9. Buy a new car or truck.

Your auto insurance rate can vary depending on the type of car or truck that you drive. As you start shopping, you should contact an insurance agent to get a good idea of what your rate would be for the vehicle you are interested in buying. Once you buy your new car or truck, you should obtain 3-4 rates with the same level of coverage to find the best rate.

10. Buy a home or condo.

Many insurance carriers or companies will offer discounts if you have both your auto and home policy with the same company. When you buy a new home, you should take advantage of these available discounts. The amount of discounts vary by carrier, so you should get several quotes to compare the best discounts.

11. Move into a new apartment.

Just like buying a new home, if you move into a new apartment, you will want to get renters insurance with the same company as your auto insurance. as many insurance company offer discounts if you have multi policies with them.

12. Your children start to drive.

Having children of driving age may impact the rate you pay for your auto insurance. If they are going to be driving your vehicle, you will need to add them to your policy and that may change your insurance rate.

13. Join the Military/End Military Service.

Depending on your deployment and return, you will want to obtain a new quote for your auto insurance. Some insurance carriers offer discounts for active military personnel and veterans.

14. Retire.

The amount you pay for your auto insurance may significantly change during retirement. Your occupation will change and the number of miles you drive to work will change. These are two significant changes that suggest you may be able to reduce the amount you pay for your auto insurance.

15. 3 years since your last ticket, DUI or accident.

Tickets and/or accidents will impact the rate you pay for your auto insurance for a minimum of 3 years, after that they will have a smaller impact on your premium. You should obtain a new quote each time there is at least 3 years since your last accident or ticket.

16. Pay off your student loans, credit cards and other consumer debt.

Many insurance carriers consider your credit rating when quoting you for insurance. If your credit score should improve for some reason, that is a good time to look at obtaining a new insurance quote. The better your credit score, the better rates you should receive for your auto insurance.

17. Turn 25 years old.

Turning 25 years old may reduce the amount you pay for your auto insurance. Many insurance carriers charge higher rates for drivers who are younger than 25, As a birthday present to yourself, you should get 3-4 new auto insurance quotes to see if you can lower your insurance bill.

18. Lose your health insurance coverage.

Losing your health insurance may impact the amount of medical coverage you want to have with your auto insurance policy. If you are normally a healthy person, increasing your auto insurance medical coverage might be a good idea, if you find yourself without medical coverage.

19. Restore your vehicle, have significant work done that increases car value.

The primary purpose of insurance is to protect you and your vehicle, should something happen to your car, while you are driving it. If the value of your car significantly increase, you will want to look at increasing your coverage.

20. Install anti-theft device or alarm system in your car.

Many insurance companies offer discounts on your insurance if you have an installed anti-theft system or car alarm. If you do this, you should determine if you are able to reduce your insurance premium.

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